ASTM has launched a Sustainability-Linked bond in three tranches for a total of €3 billion

Banca Akros acted as Joint Bookrunner

On Thursday 18 November, ASTM S.p.A. successfully placed a Sustainability-Linked bond in three tranches for a total of €3 billion, with maturities of 5, 8 and 12 years.

• The bonds are linked to the achievement of ASTM’s sustainability goal to reduce direct and indirect greenhouse gas emissions, contributing to United Nations Sustainable Development Goals 9 (Industry, Innovation and Infrastructure), 11 (Sustainable Cities and Communities) and 13 (Climate Action), in line with the Group’s Sustainability-Linked Financing Framework.
• The transaction launched by ASTM S.p.A. is composed of three tranches, all fixed-rate:
  • €750 million, 1.00% rate, due 25 November 2026
  • €1.25 billion, 1.50% rate, due 25 January 2030
  • €1 billion, 2.375% rate, due 25 November 2033

All the securities will be listed on the Dublin Stock Exchange.

• The issuer is rated Investment Grade Baa3/BBB- by Moody’s/Fitch.
• The bonds have been sold exclusively to professional investors and qualified counterparties. At book closing, total orders amounted to approximately €11.2 billion, equal to 3.7 times the total offered. The total orderbook allowed banks to set final spreads by tightening 25 bps, 20 bps and 20 bps from IPTs, for the 5-year tranche (from 140 to 115 basis points), by 20 basis points for the 8-year tranche (from 180 to 160 basis points) and by 20 basis points for the 12-year tranche (from 235 to 215 basis points).
• Banca Akros acted as Joint Bookrunner
• This is the nineteenth bond issue in which Banca Akros has acted as Lead Manager in 2021, and the fifth one with ESG characteristics.

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