- 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 €475 million;
- three loans granted by the EIB - European Investment Bank, aimed at financing some investment projects, totaling €723 million (€573 million maturity in 2026 and €150 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 €2,103 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 2021 Poste Italiane SpA has Revolving Credit Facilities committed of €1.75 billion, fully undrawn, and undrawn short-term uncommitted credit lines of about €740 million.
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.
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.
FIX / FLOAT
Note: the €50 million Private Placement has been swapped into a fixed rate.
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.
|€/m (Nominal Value)||2017||2018||2019||2020||1H2021|
|Use of uncommitted credit lines||-||-||-||250||475|
|Medium and long-term loans||-||-||-||250||-|
|Poste Italiane Bond||750||-||-||1,000||1,000|
|Poste Vita Bond||750||750||-||-||-|
|GROSS FINANCIAL DEBT TOWARDS THIRD PARTIES||1,950||1,000||623||2,123||2,248|
|DEBT/(DEBT + EQUITY)||21%||11%||6%||16%||15%|
|Mail, Parcels and Distribution's cash and cash equivalents||1,997||973||851||2,254||2,103|
* 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.
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.
- Prospectus Hybrid Bond PerpNC8 21.06.2021
- Company Presentation 04.06.2021
- Poste Italiane resolutions of the Shareholders’ Meeting 2021
- Interim Report for the three months ended 31 march 2021
- Base Prospectus Second Supplement 18.05.2021
- Poste Italiane the Board of Directors approves Nexive re-organization plan within the framework of the Group
- Poste Italiane Q1 2021 Financial Results
- Annual Financial Report 2020
- Poste Italiane completes the acquisition of Nexive Group
- Poste Italiane to acquire 51% of Sengi Express, a company specialised in cross-border logistics services for the Chinese e-commerce market
- Poste Italiane to acquire a 40% stake in BNL Finance, a company specialised in salary backed loans
- Poste Italiane €1 billion bond issuance, investor demand exceeding the offer by over 5 times
- Base Prospectus Supplement 30.11.2020
- Company Presentation 30.11.2020
- Poste Italiane signs a preliminary agreement for the possible acquisition of Nexive
- Interim Report for the nine months ended 30 September 2020
- Base Prospectus EMTN 06.11.2020
- Half-year report for the six months ended 30 June 2020
- Annual Report 2019 EMTN
- Annual Report 2018 EMTN
|Standard & Poor's||Rating||Outlook||S/T|
|Poste Italiane S.p.A.||BBB||Pos||A-2|
Last Rating Action: 26-10-2021
|Poste Italiane S.p.A.||Baa3||Stab||P-3|
Last Rating Action: 14-06-2021
(*) Ratings solicited
Poste Italiane S.p.A.
|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|
|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||Positive||26/10/2021||26/10/2021|
Rating Corporate Hybrid PerpNC8 2,625%
|Standard & Poor's||BB+||18/06/2021|