Vittoria Assicurazioni Tier II subordinated loan

Banca Akros acted as Joint Lead Manager and Joint Bookrunner

The following is a brief description of the bond issue successfully completed on 4 July 2018 by Vittoria Assicurazioni:

• Vittoria Assicurazioni, rated BBB (stable) by Fitch, issued a subordinated bond of €250 million with an expected rating of BBB-.
• Expiring on 11 July 2028 (bullet), the security pays a coupon of 5.75% and has an issue price of 100.00 corresponding to a spread of 547.6 bps over the 4.75% 07-2028 DBR. The yield is 5.75%.
• Total orders of around €470 million were collected.
• The proceeds of the loan will be used to optimise the allocation of Vittoria Assicurazioni’s capital, including in the light of the possible success of purchase and exchange offer launched on the issuer’s shares by Vittoria Capital.
• Banco BPM is the sole lender of the line supporting the cash confirmation under the takeover bids, in which Banca Akros is also involved as the entity in charge of collecting subscriptions.
• Banca Akros acted as Joint Lead Manager and Joint Bookrunner. Morgan Stanley also acted as Sole Global Coordinator and Structuring Advisor.
• This is the eighth bond issue since the beginning of 2018 in which Banca Akros acted as leading bank.

 

TEAM

Investment Banking

Giuseppe Puccio

 

Debt Capital Markets

Pierpaolo Rossi

Giada Sonego

Stefania Isola

Mariolina Garraffo

 

DCM Syndicate

Fabrizio Ippolito

Mario Negri

 

Institutionals and Third Sector

Francesco Minotti

Paolo Landi