Mediobanca has successfully completed the issue of a 5y €750m covered bond

Mediobanca has successfully completed the placement of a new covered bond with a 5-year long duration (expiring in August 2030) for a total amount of €750m. It is the third covered bond that the Group has issued since 2024.

The covered bond has attracted broad and diversified appeal, enabling the yield initially disclosed (55 bps above mid-swap) to be revised and set at 50 bps. Orders in excess of €1.4bn were received during the placement, for a total value of almost 2x the target amount of €750m.

The new bond issue will pay a 2.625% coupon, and is the Mediobanca Group's fifth public issue for institutional investors in FY 2024-25, and its third since the start of 2025. With this issue, completed in a primary market seeing a particularly high number of deals, Mediobanca has consolidated its position as one of the best Italian banks in terms of efficiency of pricing for its debt instruments, which helps support the performance in terms of net interest income.

The bond's distribution has seen the involvement of the leading international institutional investors (55%, with orders from Germany, Austria and Switzerland in particular accounting for 22%, from the Nordic area for 11%, and from the Benelux countries for 6%) and Italian institutional investors (orders accounting for 45%). The results of this new issue, in the current volatile scenario, confirm the importance of a flexible approach to diversifying sources of funding, and the market’s appreciation of Mediobanca, confirming investors’ confidence in the Group's capability to deliver on the objectives contained in its three-year 2023-26 Strategic Plan “One Brand-One Culture”.

Milan, 3 June 2025