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# Intesa Sanpaolo returns to sterling with a £500 million green bond as orders peak near £2 billion
- URL: https://www.theglobalbanker.com/intesa-sanpaolo-returns-to-sterling-with-a-500-million-green-bond-as-orders-peak-near-2-billion/
- Published: 2026-11-13T21:07:43.000Z
- Updated: 2026-11-13T21:07:43.000Z
- Description: Intesa Sanpaolo has placed a £500 million six-year green senior non-preferred bond priced at UKT +130 basis points, its first sterling deal since 2023.
- Author: TGB Editorial Team
- Tags: ESG, Europe, #newsroom

[Intesa Sanpaolo](https://www.theglobalbanker.com/rankings/) has placed a £500 million green senior non-preferred bond with institutional investors, priced at UKT +130 basis points, Intesa Sanpaolo said. The bond has a six-year maturity, with an issuer call option exercisable after five years.

The deal is Intesa Sanpaolo's first in the sterling market since 2023, and orders peaked at approximately £2 billion, including from dedicated green investors, according to the bank. Proceeds will finance or refinance green activities that meet the eligibility criteria of its Green, Social and Sustainability Bond Framework.

## WHO BOUGHT THE BOND

Around 90 investors joined the order book, which the bank said reached the highest peak ever recorded for an [Italian](https://www.theglobalbanker.com/market-italy/) sterling-denominated issuance and the highest oversubscription level of the year among European sterling-denominated senior non-preferred issues.

Most investors were from the UK and Ireland, at 89%, with 5% from Germany, Austria and Switzerland, 3% from Norway, 2% from France and 1% from other countries. Barclays, Bank of Montreal, BNP Paribas, Deutsche Bank, Mizuho and Nomura were involved in the placement alongside Intesa Sanpaolo's IMI Corporate & Investment Banking Division.

Nicoletta Bertolini, Head of Funding at Intesa Sanpaolo, said diversification across markets, instruments and currencies is the guiding principle of the bank's funding strategy, and that the sterling deal is its second green bond issuance this year.

## EARLIER GREEN AND SOCIAL DEALS

Intesa Sanpaolo's other green bond this year was a €1.25 billion senior non-preferred issue with an eight-year maturity and an issuer call option after seven years. Total demand for that deal reached around €2.7 billion and peaked at €4.3 billion, and the notes pay a fixed annual coupon of 3.75% from the settlement date of 22 June 2026 until the call date.

The bank's green, social and sustainability frameworks are compliant with the ICMA Green Bond Principles 2021, the ICMA Social Bond Principles 2021 and the ICMA Sustainability Bond Guidelines 2021\. Its record of earlier deals includes a £600 million senior non-preferred green issue and a £750 million senior preferred social issue, both aimed at the UK market, and a €500 million green bond issued in June 2017.

## THE TGB VIEW

Intesa Sanpaolo ranks 13th in the TGB Bank Rankings for Europe, with US$1,127.9bn of assets, US$76.6bn of equity and a 14.3% return on equity at the end of 2025, one place ahead of UniCredit, which reported US$1,022.5bn of assets and a 16.1% return on equity. The two lead an Italian banking system in which, according to TGB's market profile, the five largest credit institutions held 51.2% of sector assets in 2025\. With 89% of investors from the UK and Ireland, the sterling deal drew a mainly UK and Irish buyer base for the bank's second green bond this year, after a euro deal that settled on 22 June 2026.

*Related: [Intesa Sanpaolo lifts 2026 profit guidance after record €8.2bn nine-month result](https://www.theglobalbanker.com/intesa-sanpaolo-lifts-2026-profit-guidance-after-record-eur8-2bn-nine-month-result/)*