FinecoBank (AO) | Buy | Issue of EUR500m bond

Research evidence excerpt

FinecoBank (AO) | Buy | Issue of EUR500m bond

News comment

Release date: 14 May 2026

Luigi Tramontana

Equity Research Analyst

Buy +39 02 85 50 72 19FinecoBank ltramontana@keplercheuvreux.com

Italy | Banks & Asset Managers Beta Profile: MCap: EUR13.1bn Country Top Picks

Target Price: EUR25.40 Bloomberg: FBK IM Reuters: FBK.MI

Current Price: EUR21.43 Free float 100.0%

Up/downside: 18.5% Avg. daily volume (EURm) 84.1

YTD abs performance -3.5% Market data: 13 May 2026

52-week high/low (EUR) 22.84/17.64

Issue of EUR500m bond

Key points:

Fineco issued yesterday EUR500m senior preferred bond with a fixed coupon of 3.738% for the first 5 years.

The issue has a spread equal to 5Y Mid Swap rate plus 80 basis points, compared to an initial guidance of 5Y Mid Swap rate plus

110 basis points, thanks to a peak order volume equal to around EUR1.7bn (above 3 times the offer).

The placement allows the Bank to have an additional buffer above MREL LRE fully loaded requirement even after the maturity of

the EUR500m issuance with a call date of 21 October 2026. We stick to Buy with EUR25.4 target price.

Fineco issued yesterday EUR500m senior preferred bond with a fixed coupon of 3.738% for the first 5 years. The issuance has the

following characteristics: 6 years maturity with a call option for the issuer on the fifth year, public placement, fixed rate annual

coupon for the first 5 years, and floating rate between the fifth and sixth year. The notes have been issued under the EMTN

programme.

the EUR500m issuance with a call date of 21 October 2026, for which the Bank has received a favourable opinion from the

Supervisor regarding the exercise of the call option.

Only institutional investors took part in the placement, mainly asset managers (70% of the total). The issuance was placed mainly