Intesa Sanpaolo is the largest Italian bank by number of branches
This transaction was issued off Intesa Sanpaolo Public Sector Covered Bond programme backed by a cover pool consisting of exposures both to Italian (92.6%) and other European countries' (7.4%) public entities. The Programme was roadshowed for 5 days throughout the main European countries (Italy, Germany, France and UK).
This is the first ever OBG backed by exposures vs the Public sector.
As the great majority of public sector covered bonds has been issued so far out of France and Germany, this Italian OBG provides a much needed diversification in this segment.