Allen & Overy has advised on the placement of a senior preferred fix-to-floater bond by Mediobanca for a total nominal value of EUR750 million intended for institutional investors.
The bond has a five-year maturity (14 March 2028) with a call option for the issuer after the fourth year and a fixed annual coupon equal to 4.75% until the call option. Should the issuer not call the bond at the optional redemption date (14 March 2027), the coupon will be paid on a quarterly basis and determined on the basis of the three-month Euribor, increased at a margin of 1.37%.
The issuance has been documented under Mediobanca’s EUR40 billion Euro Medium Term Notes programme, which was established in December 2022. The notes have been listed on the Irish Euronext Dublin.
The A&O team advising the Joint Lead Managers was led by the partners and co-heads of the Italian International Capital Markets practice, Cristiano Tommasi and Craig Byrne, together with counsel Alessandra Pala and supported by trainee Francesco Laurenti. Counsel Elia Ferdinando Clarizia assisted on the tax aspects of the deal.
