Credito Valtellinese introduces FLOATING RATE NOTES
Credito Valtellinese's debut on the Euromarket:
The 5-year bond issue pays a quarterly coupon of 3 months Euribor + 32.5 basis points and will be listed on the Luxembourg Stock Exchange. Bonds have been subscribed abroad (60%) and by domestic institutional investors (the remaining 40 per cent). The bond issue will allow Credito Valtellinese to extend the average expiry date of its sources of financing and, most of all, to diversify its investor base.
Credito Valtellinese, founded in 1908, is the Parent Bank of a multi-purpose banking group, which, in addition to its traditional banking activity, operates in the sector of assets management, private banking, home banking, bank-insurance and leasing. On June 30 1999, Credito Valtellinese Group's consolidated assets exceed L. 12, 500 billion and the Group operates through 200 branches distributed all over Italy, which recruit nearly 2, 000 employees.
Caboto, Gruppo Intesa Investment Bank, along with Greenwich NatWest, Société Générale and Bancaperta (Credito Valtellinese Group), took Credito Valtellinese (A rating, conferred on it by Duff & Phelps) to the Euromarket for the first time with Floating Rate Notes, the nominal value of which amounts to 250 million Euro.
The other member banks are: Credito Artigiano, Bancaperta, Banca Popolare Santa Venera, Cassa San Giacomo and Banca Popolare di Rho.
Bancaperta is becoming increasingly important within Credito Valtellinese Group, since it is entrusted with both the Group Finance (in particular financial saving management and private banking) and the development of new technologies (Internet banking).
