Ferrovie dello Stato, fixed-rate issues for 1.1 billion euro
The Ferrovie dello Stato group – led by Luigi Ferraris – places two issues of fixed-rate green bonds, for a total amount of 1.1 billion euros. There first tranche is six years old – expiring next May 2029 – has been prepared to 600 million euroswith a coupon of 4.125% and a final spread of 125 basis points above the reference mid-swap rate.
There second Instead – will expire in May 2033 – was placed for the amount of 500 million euros, with a 4.5% coupon and a final spread of 165 basis points above the reference mid-swap rate. Precisely because of its ten-year duration, the second tranche represents a unicum, being the longest term among the public issues of the State Railways.
The proceeds will be allocated to Trenitalia and Rfi for thepurchase of new electric trains for domestic use and international servicesas well as for the purpose of tendering funds for maintenance costs and for works on the railway infrastructure.
Read also: FS increasingly green: reduced emissions and water consumption
FS, green bonds attract investors: 180 orders
The operation attracted theinvestor attention; in fact, there are over 180 orders, mostly coming from Italy, France and Germany. About 60% of the total comes from abroad and 85% of the entire placement involves, predictably, ESG and Green investors. THE Major Joint Bookrunners – those who acted as intermediaries for institutional investors – were: Barclays, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International, Intesa Sanpaolo (IMI CIB Division), JP Morgan, Morgan Stanley, Santander and UniCredit.
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