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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
BNCMCC
Banca del Mezzogiorno Mediocredito Centrale SpA€500
1EMEA
Jul 9, 2026
currency
EUR
size (m)
500.000
maturity
Jan 16, 2032
type
Fixed
tenor
5.500
call
-
registration
Reg S Only
benchmark
BTP
ranking
Senior Preferred
moody's
-
s&p
BBB
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
BTP+70 area
ipt-pxd
-20
guidance
n/a - straight to launch
spread
50
coupon
3.75%
spread set
-
price
99.69500
yield
3.816%
book size (m)
1,000
peak book (m)
1,200
x-covered
2
book attrition
-16.67%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
book size (m)
1,000
peak book (m)
1,200
x-covered
2
book attrition
-16.67%
nic
0
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
Tranche Comments
Book size: 1000; First Pay: 2027-01-16; Registration: Reg S Only; Comments: BTPS 3.15 06/01/31 (Price: 99.730% / Yield: 3.234%) / HR: 110%) & BTPS 3.25 07/15/32 (Price: 99.450% / Yield: 3.380%). Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 81560064085A02B2B297;
Use of Proceeds
An amount equivalent to the net proceeds of the Notes will be allocated to finance and/or re-finance, in whole or in part, Eligible Social Assets, as defined within the Issuer's Social Financing Framework dated March 2026
Relative Value

5.5yr (January 2032) @ BTP+70 area

Implied Spread for fresh 5.5yr @ BTP+50

Priced at BTP+50
NIC of 0

COMPS

Issuer

Announcement

Size (EUR mn) 

Coupon (%)

Maturity Date

BTP+ (bps)

ESG

BNCMCC

Sep-24

400

3.75

Sep-29

39

Social

BNCMCC

Feb-25

500

3.25

Mar-30

48

Social

ISCRSP

Jan-25

500

3.5

Jan-30

43

Social

ISCRSP

Jul-26

500

3.5

Jul-31

41

Social

AMCOSP

Mar-25

600

3.25

Apr-30

33

-

CDEP

May-26

750

3.25

Jun-31

18

-