Mediobanca Sells Largest Equity Structured Note in 4 1/2 Years

Mediobanca SpA (MB) sold 95.3 million euros ($129 million) of securities tied to the Euro Stoxx 50 Index, its largest structured note offering linked to equities in four and a half years.

Italy’s biggest publicly traded investment bank issued six-year notes on Sept. 16 that yield 3.5 percent for two years, then switch to a payment tied to the index, according to data compiled by Bloomberg. Investors receive 6 percent if the Euro Stoxx 50 (SX5E) is more than 3199.8 compared with 2941.8 today, or else there’s no coupon.

Stefano Tassone, a spokesman for the bank in Milan, declined to comment on the notes.

Mediobanca sold $509.5 million of structured notes in six offerings this year, up from $103.4 million in the same period of 2012 and its highest total in three years, Bloomberg data show. Sales from the Milan-based bank are climbing as other Italian such as Intesa Sanpaolo SpA (ISP) and UniCredit SpA, which were among the 10 largest issuers in Europe and Asia in 2009, decrease issuance.

Mediobanca’s issue is its largest tied to equities since a 100 million euro note in February 2009 linked to the shares of Enel SpA, Eni SpA and Assicurazioni Generali SpA, Bloomberg data show.

To contact the reporter on this story: Alastair Marsh in London at amarsh25@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net

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