Intesa Sanpaolo’s US$1.5 Billion Yankee Bond Offering

White & Case LLP advised Intesa Sanpaolo S.p.A. on the deal. Clifford Chance advised the dealers.

Intesa Sanpaolo S.p.A. executed a US$1.5 billion Yankee bonds issuance under its recently updated US$50 billion Medium Term Note Programme.

The issuance consists of US$750 million 4.198% subordinated notes due 2032 and US$750 million 4.950% subordinated notes due 2042, issued pursuant to Rule 144A under the US Securities Act. 

Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy’s largest bank by total assets.

The White & Case team which advised on the transactions comprised partners Michael Immordino (Picture; London & Milan) and Ferigo Foscari (Milan), associates Robert Becker and Pietro Magnaghi (both Milan) and lawyers Olga Primiani and Riccardo Viel (both Milan).

Clifford Chance advised the dealers – Barclays, BofA, Credit Suisse, Citigroup, HSBC, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, BMO, PNC, Erste, and National Bank of Canada – with a team led by partners Filippo Emanuele, Gioacchino Foti and Michael Dakin, alongside counsel Laura Scaglioni and associates Francesco Napoli, Giulia Petragni Gelosi and Sydney Sawyier. Partner Carlo Galli and senior associate Roberto Ingrassia advised on tax matters.

Involved fees earner: Michael Dakin – Clifford Chance; Filippo Emanuele – Clifford Chance; Gioacchino Foti – Clifford Chance; Carlo Galli – Clifford Chance; Roberto Ingrassia – Clifford Chance; Francesco Napoli – Clifford Chance; Giulia Petragnani Gelosi – Clifford Chance; Sydney Sawyier – Clifford Chance; Laura Scaglioni – Clifford Chance; Robert Becker – White & Case; Ferigo Foscari – White & Case; Michael Immordino – White & Case; Pietro Magnaghi – White & Case; Olga Primiani – White & Case; Riccardo Viel – White & Case;

Law Firms: Clifford Chance; White & Case;

Clients: Bank of America Merrill Lynch; Barclays Bank; BMO Capital Markets; Citigroup Global Markets Ltd; Credit Suisse; Erste Bank ; Goldman Sachs; HSBC; Intesa Sanpaolo S.p.A.; JP Morgan; Morgan Stanley; National Bank of Canada; Nomura; PNC Bank;