Tim he pitched his first on Monday morning sustainability bonds. The company lets it be known in a note that the amount of the bond - at a fixed rate - will be equal to one billion euros and that the deadline is set for January 2029.
According to market sources reported by the Radiocor news agency, demand reached 3,5 billion euro.
As for the yield, the requests have allowed to lower the interest rate of the security in the area of 1,875%, compared to an initial guidance of 2,250%.
The issue of Tim's sustainability bond was handled by a pool of lenders made up of Banca Akros, Bbva, Bnp Paribas, Credit Agricole, Credit Suisse, Deutsche Bank, Santader, Ubi and Unicredit.
At 15 Ti's share on the Stock Exchangem leaves 1,8% in the field, at 0,3875 euros.
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At the end of the placement, Tim announced that the sustainability bond, "intended to increase the group's energy efficiency and finance green and social projects", obtained a demand “exceeding four billion euros”. The yield has been fixed at 1,625%, “the lowest annual coupon ever”.
With this transaction, "Tim extends the average maturity of the debt and raises new funds for amounts exceeding the 2021 maturities - continues the note - The proceeds from the new issue will be used for the transformation of the copper into fiber network, from which a significant energy efficiency”.
