Italy's Banco Posta has raised €681m for a six-year structured bond issued by Mediobanca. With over 43,727 customers investing in the product, the offer closed seventeen days ahead of the official close.
Tasso Fisso Plus II collocamento is a six-year capital-guaranteed product paying a fixed 3.6% annual coupon during the first five years of investment and a final coupon of 9.25% if the underlying basket (comprising the DJEurostoxx50, S&P500 and the Hang Seng) is equal to or greater than 70% of its strike at maturity.
Poste Italiane investors currently have the choice of two bonds linked to the DJEurostoxx50 index, Buono Fruttifero Postale 16A and Buono Fruttifero Postale P19, and a fund issued by BNP Paribas AM and distributed by Banco Posta, Multi Time. The latter is a seven-year fund linked to the performance of four indices (DJ Eurostoxx50, S&P500, Nikkei225 and Hang Seng), which returns a fixed 3% in the first and second years of investment, with a knock out-uncapped call in subsequent years.
Eleven Banco Posta products have struck so far in 2009 with a volume of almost €2bn. This is a positive result so early in the year, considering that last year's six products raised around €1.8bn.
These products are available on the Italian database.