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As of 30 June 2022, financial debt of the Group towards third parties amounts to €2,273 million (nominal value), entirely issued by Poste Italiane SpA, consisting of:
 
  • a senior unsecured bond with a total notional amount of one billion euro, issued in two tranches on 20 December 2020 and placed in public form to institutional investors. The first tranche of €500 million expires on 10 December 2024, issue price above par of 100.10, annual fixed coupon of 0.00% and effective yield to maturity of -0.025%; the second tranche of €500 million expires on 10 December 2028, issue price below par of 99.758, annual fixed coupon of 0.50% and effective yield to maturity of 0.531%;
  • a Private Placement issued by Poste Italiane SpA of €50 million (maturity in 2023);
  • use of short-term uncommitted credit lines for €400 million;
  • four loans granted by the EIB - European Investment Bank, aimed at financing some investment projects, totaling €823 million (€573 million maturity in 2026 and €250 million maturity in 2028).
On the same date, the Strategic Business Unit Mail, Parcels and Distribution has Liquidity in bank and postal current accounts of €2,004 million. Such amount represents the Group's free liquidity generated by the company's self-financing capability, partly attributable to Poste SpA and partly deriving from the centralization of the Group liquidity and from the related cash pooling activity by the parent company.

Furthermore, as of 30 June 2022 Poste Italiane SpA has about €2.6 billion of undrawn committed and uncommitted credit lines of which Revolving Credit Facilities committed of €1.75 billion. Furthermore, on 31 March 2022, a further EIB loan of €600 million was stipulated, not yet paid, with an availability period until 31 March 2023.

Financial debt does not include a perpetual subordinated 8-year non-call hybrid securities issue, with a nominal value of €800 million, issued on June 24, 2021 and placed in public form to institutional investors, as such hybrid bond is accounted for in equity. The securities, which have no fixed maturity, become due and payable only in the event of winding-up or liquidation of the Company, as specified in the terms and conditions, save for optional redemption (call), where applicable. The "First Call Date" is March 24, 2029. The annual fixed coupon is 2.625% until the first Reset Date of 24 June 2029. As from such date, interest per annum is determined according to the relevant 5-year Euro Mid Swap rate, plus an initial spread of 267.7 basis points, increased by an additional 25 basis points as from 24 June 2034 and a subsequent increase of additional 75 basis points as from 24 June 2049. The fixed coupon is payable annually in arrears, starting from 24 June 2022. The issue price has been set at 100% and the effective yield to the first "Reset Date" is equal to 2.625% per annum.
GROUP FINANCIAL DEBT AT 30/06/2022 (€/m)


Group Financial Debt

Note: all amounts are expressed at nominal value and exclude leases deriving from the application of IFRS 16, funding from current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta RFC. Financial debt does not include the Perp NC8 2.625% hybrid bond of €800 million issued on June 24, 2021, as it is accounted for in equity.

DEBT OUTSTANDING AT 30/06/2022
 
debt outstanding
As of 30 June 2022, the interest rate mix of the Group financial debt is 100% at a fixed rate.

FIX / FLOAT fix float

Note: the €50 million Private Placement has been swapped into a fixed rate.

REPAYMENT SCHEDULE​ (€/m)


 

Note All amounts are expressed at nominal value and exclude leases deriving from the application of IFRS 16, funding from current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta RFC. Financial debt does not include the Perp NC8 2.625% hybrid bond of €800 million issued on June 24, 2021, as it is accounted for in equity.

Issuer Poste Italiane SpA Poste Italiane SpA Poste Italiane SpA Poste Italiane SpA
ISIN XS0982359811 XS2270395408 XS2270397016 XS2353073161
Seniority Senior Senior Senior Subordinated
Currency EUR EUR EUR EUR
Amount 50,000,000 500,000,000 500,000,000 800,000,000
Issue Date 25/10/2013 10/12/2020 10/12/2020 24/06/2021
Expiry Date 25/10/2023 10/12/2024 10/12/2028 Perp NC8
Issue Price 100.00% 100.10% 99.758% 100.00%
Coupon n.a. 0.00% 0.50% 2.625% until 24/06/2029
Frequency Annually Annually Annually Annually
Type of Issue Private Placement Public Issue Public Issue Public Issue
Accounting Debt Debt Debt Equity
First Call Date       24/03/2029
€/m (Nominal Value) 2017 2018 2019 2020 2021 1H2022
Use of uncommitted credit lines - - - 250 550 400
Medium and long-term loans - - - 250 - -
Private Placement 50 50 50 50 50 50
EIB loans 400 200 573 573 723 823
Poste Italiane Bond 750 - - 1,000 1,000 1,000
Poste Vita Bond 750 750 - - - -
GROSS FINANCIAL DEBT TOWARDS THIRD PARTIES 1,950 1,000 623 2,123 2,323 2,273
EQUITY 7,550 8,105 9,698 11,507 12,110 10,679
EBITDA 1,668 2,068 2,548 2,224 2,636 2,986*
DEBT/EQUITY 0.3 0.1 0.1 0.2 0.2 0.2
DEBT/(DEBT + EQUITY) 21% 11% 6% 16% 16% 18%
DEBT/EBITDA  1.2x 0.5x 0.2x 1.0x 0.9x 0.8x
Mail, Parcels and Distribution's cash and cash equivalents 1,997 973 851 2,254 2,121 2,004
 

* LTM EBITDA

Note: The Hybrid Bond PERP NC8 2,625% €800 million issued on June 24, 2021, is included in the Equity amount. All amounts are expressed at nominal value and exclude leases deriving from the application of IFRS 16, funding from current account deposits of BancoPosta, repurchase agreements, derivative financial instruments and other financial liabilities mainly referring to BancoPosta Ring-Fenced Capital.

Poste Italiane SpA has an EMTN Programme listed on the Luxembourg Stock Exchange for a total amount of €2 billion. As of 31 March 2022, the amount of the bonds outstanding is €1,050 million, referred to a bond of €1 billion, issued in two tranches of €500 million each, and a Private Placement of €50 million. The Base Prospectus has been updated on 6 November 2020 and supplemented on 30 November 2020 and on 18 May 2021.

On June 24, 2021, a perpetual subordinated 8-year non-call hybrid bond has been issued, with a nominal value of €800 million, placed in public form to institutional investors and accounted for in equity.


Rating

Standard & Poor's Rating Outlook  S/T
Poste Italiane S.p.A. BBB Stab A-2
Rating assigned by Rating Letter dated 18/06/2021 to Corporate Hybrid PerpNC8 2.625% Bond is BB+

Last Rating Action: 28-07-2022

 
Moody's Rating Outlook  S/T
Poste Italiane S.p.A. Baa3 Neg P-3 
Rating assigned by Rating Letter dated 18/06/2021 to Corporate Hybrid PerpNC8 2.625% Bond is Ba2

Last Rating Action: 09-08-2022


(*) Ratings solicited

Rating/outlook history
 

Poste Italiane S.p.A.

Standard & Poor's
Rating Date Action Prev.
BBB / Stab / A-2 28/07/2022 Outlook Change BBB / Pos / A-2
BBB / Pos / A-2 27/10/2021 Outlook Change BBB / Stab / A-2
BBB / Stab / A-2 26/10/2020 Outlook Change BBB / Neg / A-2
BBB / Neg / A-2 30/10/2018 Outlook Change BBB / Stab / A-2
BBB / Stab / A-2 31/10/2017 Upgrade BBB- / Stab / A-3
BBB- / Stab / A-3 12/12/2014 Downgrade BBB / Neg
BBB / Neg / A-2 16/07/2013 Downgrade BBB+ / Neg
 
Moody's
Rating Date Action Prev.
Baa3/ Neg / P-3 09/08/2022 Outlook Change Baa3 / Stab / P-3
Baa3/ Stab / P-3 23/10/2018 Downgrade Baa2 / Neg / P-2
Baa2, Possible Downgrade / Ratings under Review / P-2, Possible Downgrade 30/05/2018 On watch - Possible Downgarde Baa2 / Neg / P-2
Baa2 / Neg / P-2 12/12/2016 Outlook Change Baa2 / Stab / P-2
Baa2 / Stab / P-2 18/02/2014 Outlook Change Baa2 / Neg / P-2
Baa2 / Neg / P-2 16/07/2012 Downgrade A3 / Neg
A3 / Neg 16/02/2012 Downgrade A2 / Neg
 


Last Rating Actions and P.I. Analysis

Agency Long term Short term Outlook Rating action / Affirmation Credit Opinion Report
Standard & Poor's BBB A-2 Stable 28/07/2022 17/03/2022
Moody's Baa3 P-3 Neg 09/08/2022 17/06/2022


 

Rating Corporate Hybrid PerpNC8 2,625%

Agency
Hybrid Bond
Rating Letter
Standard & Poor's BB+ 18/06/2021
Moody's Ba2 18/06/2021