Chicago, May 16 – Ferrovie dello Stato Italiane SpA priced €1.1 billion of green bonds across two tranches (BBB/BBB) on Tuesday, a market source reported.
The offering includes €600 million of six-year bonds and €500 million of 10-year bonds.
The six-year bonds priced with a 4.125% coupon at 99.454 to yield 4.23%, or at mid-swaps plus 125 basis points. Price talk was in the mid-swaps plus 135 bps area.
The 10-year bonds priced with a 4.5% coupon at 98.939 to yield 4.635%, or at mid-swaps plus 165 bps. Price talk was 15 bps higher, in the 180 bps area.
Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, JP Morgan, Morgan Stanley, Santander (billing and delivery) and UniCredit are the joint bookrunners for the Regulation S offering.
Combined books were above €2 billion with demand evenly split between the two tranches.
Proceeds will be used to purchase new electric trains for domestic and international services, related maintenance expenses as well as high-speed works on the rail infrastructure.
The bonds will be listed in Dublin.
Based in Rome, the government-owned holding company manages infrastructure and services on the Italian rail network.
| Issuer: | Ferrovie dello Stato Italiane SpA
|
| Amount: | €1.1 billion
|
| Issue: | Green bonds
|
| Bookrunners: | Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, JPMorgan, Morgan Stanley, Santander (billing and delivery) and UniCredit
|
| Second option provider: | Sustainalytics
|
| Change of control: | Yes
|
| Trade date: | May 16
|
| Settlement date: | May 23
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
|
|
| Six-year notes
|
| Amount: | €600 million
|
| Maturity: | May 23, 2029
|
| Coupon: | 4.125%
|
| Price: | 99.454
|
| Yield: | 4.23%
|
| Spread: | Mid-swaps plus 125 bps
|
| Price talk: | Mid-swaps plus 135 bps area
|
| ISIN: | XS2627121259
|
|
|
| 10-year notes
|
| Amount: | €500 million
|
| Maturity: | May 23, 2033
|
| Coupon: | 4.5%
|
| Price: | 98.939
|
| Yield: | 4.635%
|
| Spread: | Mid-swaps plus 165 bps
|
| Price talk: | Mid-swaps plus 180 bps area
|
| ISIN: | XS2627121507
|
|
|
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