Mediobanca as Joint Bookrunner in the new issue for BPER Banca S.p.A.

BPER Banca S.p.A. new € 500m 6NC5 Inaugural Social Senior Preferred Bond

On 25th March, after a short but intensive marketing exercise, BPER Banca decided to issue its Inaugural Social bond off its newly presented Green, Social and Sustainability Bond Framework. The Framework incorporated several Social and Green eligible categories but the inaugural transaction focused exclusively on Social aspects to underline BPER’s extraordinary efforts to mitigate the effects of the ongoing pandemic on its client base.

Specifically, the bond proceeds will be allocated to finance a selected portfolio of loans to Italian SMEs which benefit from government guarantees established under the Italian Liquidity Decree in response to the Covid-19 emergency.

During the bookbuilding phase of the EUR 500m 6NC5 Senior Preferred bond – which will support the build-up of BPER’s MREL buffer – we managed to tighten the spread by 25bps from IPT to re-offer level (courtesy of a high quality EUR 1.25bn orderbook), finally pricing at ms+175bps (broadly in line with fair value).

This mandate – the very first Social bond from an Italian bank – is a testament to the significant efforts undertaken by the Mediobanca team and further strengthens our leading position in the ESG space in Italy.

This is the 41st transaction led by the DCM team since July 2020 and the 12th in the ESG space.

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