Product wrap: Banca IMI collects €224m with Italian utilities play

EUROPE Intesa Sanpaolo sold €224m (US$248m) worth of Equity Protection Long Cap Plus Certificates in Italy. The seven-year product is issued via Banca IMI and pays a fixed annual coupon of 2.5% for the first two years of investment. At maturity, it offers 100% participation in the performance of the Eurostoxx Utilities, subject to a minimum capital return of 95% and a maximum return of 138%. The product is listed at Borsa Italiana and there is a distribution fee of three percent. Morgan