By Laura Contemori – ROME (Econostream) – Italian investment bank Mediobanca on Wednesday priced a €500 million six-year covered bond under its €10 billion covered bond program, whose base prospectus is dated March 16, 2026.

The bond was issued as a European Covered Bond (Premium), or Obbligazione Bancaria Garantita Europea Premium, and is expected to be rated AA by Fitch.

It has a scheduled maturity date of August 24, 2032 and an extended maturity date of August 24, 2033 under its soft-bullet structure.

The bond carries an annual coupon of 3.125% and was priced at a reoffer price of 99.555%. Final pricing was set at 38bp over mid-swaps and approximately 50.5bp over the August 2032 German government bond.

Orders totaled approximately €1.4 billion, nearly three times the issue size. Around 90% was placed with foreign investors, with central banks and supranational institutions receiving 35% and funds and insurers more than 50%.

The issue benefits from a covered bond guarantee provided by Mediobanca Covered Bond S.r.l. It is expected to be eligible as collateral for Eurosystem credit operations and qualify as a Level 1 asset for liquidity coverage ratio purposes.

Settlement is scheduled for June 24, 2026.

Mediobanca acted as global coordinator. CaixaBank, Commerzbank, Natixis, Nomura, Raiffeisen Bank International, Santander (B&D) and Société Générale acted as joint bookrunners.