The race for bonds has begun. After Eni and Intesa Sanpaolo, it's the turn of Ferrovie dello Stato (FS). Yesterday, Tuesday 16 May, the group led by Luigi Ferraris placed two fixed-rate 6 and 10-year issues with a total nominal value of 1,1 billion euro. This is the first dual tranche of FS and is aimed at green investments for both Trenitalia and Rti.
La tranche of 6 years (maturity May 2029) was placed for an amount of 600 million euro, with a coupon of 4,125% and a final spread of 125 basis points above the reference mid-swap rate.
La tranche of 10 years (maturity May 2033) was placed for an amount of 500 million euro, with a coupon of 4,5% and a final spread of 165 basis points above the reference mid-swap rate.
The proceeds will be dedicated to financing Eligible Green Projects in accordance with the provisions of the FS Green Bond Framework. All financed investments meet the criteria of the EU Taxonomy. In particular, it concerns the purchase of electric trains for national and international services, the related maintenance costs and work onHigh Speed ferroviary.
The operation concerned more than 180 orders from investors, specifies the FS press release, mainly located in Italy, France and Germany. The demand from abroad represented about 60% of the total orders. The presence of ESG/Green investors was around 85% of the entire placement.
Barclays, BNP Paribas, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International, Intesa Sanpaolo (IMI CIB Division), JP Morgan, Morgan Stanley, Santander and UniCredit acted as Joint Bookrunners.
