LONDON – BNP Paribas (OTC:), alongside Goldman Sachs International, has announced that no stabilisation measures were carried out for the securities offering from IRCA S.P.A. The notice, released on Wednesday, confirms the absence of market activity under the stabilisation framework as defined by Article 3.2(d) of the Market Abuse Regulation (EU/596/2014) following the pre-stabilisation period announcement on November 27, 2024.
IRCA S.P.A, the issuer of the securities, did not witness any stabilisation transactions by the appointed stabilisation managers in connection with the offering. The aggregate nominal amount for the offering was set at EUR 1.115 million. The securities in question are described as Floating Rate Notes (FRNs) due on December 15, 2029, with an offer price of 100.
The role of stabilisation managers typically involves counteracting price volatility in the secondary market following a new issue to provide liquidity and support the market price of the securities. However, in this instance, BNP Paribas and Goldman Sachs International have indicated that such actions were not deemed necessary.
The announcement serves as an informational notice and is not intended as an invitation or offer to engage in the underwriting, subscription, acquisition, or disposal of IRCA S.P.A securities in any jurisdiction. Moreover, it is explicitly stated that the securities have not been registered under the United States Securities Act of 1933 and, as such, may not be offered or sold in the United States absent registration or an exemption from registration. There will not be a public offering of these securities in the United States.
This news is based on a press release statement and is intended to provide the public and potential investors with factual information regarding the stabilisation activities, or lack thereof, associated with IRCA S.P.A’s securities offering.
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