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.
Debt Capital Markets
Banca Akros
Debt Capital Markets

 

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