International law firm Simmons & Simmons has advised dealers Intesa Sanpaolo and UniCredit, alongside co-dealers Banca Akros and Banca Monte dei Paschi di Siena, on the third record-breaking issuance of the Italian government bond, Btp Valore.
Valued at EUR 18.32 billion, the bond has a six-year maturity, paying interest on a quarterly basis, increasing over time at predetermined levels (a “step-up” bond).
As with previous Btp Valore issues, the bond is targeted exclusively at individual retail savers, and includes an extra premium of 0.7% for investors when the bond matures.
The new bond was issued through the regulated bond market Mercato Telematico delle Obbligazioni (MOT), managed by Borsa Italiana – the Italian stock exchange.
The Simmons team, which oversaw the structuring of the transaction and the preparation of the documentation, was led by partner Paola Leocani with support from associate Ilaria Barone and trainee Stefano Cultrera.
