By Angela McDaniels
Tacoma, Wash., Dec. 1 – Ferrovie dello Stato Italiane SpA (/BBB/BBB) priced €600 million of 0.875% six-year green bonds, according to a news release.
The spread is mid-swaps plus 52 basis points, which is more than 10 bps lower than the initial price talk and equivalent to a spread of around 1.5 bps under the BTP duration equivalent at the books’ closing.
Banca IMI, Barclays, Credit Agricole CIB, Deutsche Bank, Goldman Sachs International, HSBC, JPMorgan and SG CIB acted as joint lead managers and joint bookrunners. Credit Agricole and HSBC acted as joint structuring green advisers.
Pricing followed a roadshow with stops in Paris, Munich, Frankfurt, Amsterdam and the Hague.
The company said demand exceeded €1.3 billion from 115 investors, of which more than 60% were foreign investors. According to FS analysis, around 50% of final orders were from institutional investors with sustainability commitments.
This is the company’s inaugural green bond. Proceeds will be used for new electric multiple unit trains for regional passenger transport and new high-speed trains. The company said the projects will improve energy efficiency and reduce carbon emissions.
The government-owned holding company manages infrastructure and services on the Italian rail network. It is based in Rome.
| Issuer: | Ferrovie dello Stato Italiane SpA
|
| Issue: | Green bonds
|
| Amount: | €600 million
|
| Tenor: | Six years
|
| Coupon: | 0.875%
|
| Spread: | Mid-swaps plus 52 bps
|
| Joint lead managers: | Banca IMI, Barclays, Credit Agricole CIB, Deutsche Bank, Goldman Sachs International, HSBC, JPMorgan and SG CIB
|
| Pricing date: | Nov. 30
|
| Issuer ratings: | S&P: BBB
|
| Fitch: BBB
|
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