Allen & Overy has advised Credito Emiliano (“Credem”), one of the main Italian banking groups, on the placement of its second green bond for a total nominal amount of EUR400 million, exclusively intended for institutional investors and with a six-year maturity.
The bond is the first instrument issued under the EUR5 billion EMTN Programme newly established by Credem and was issued under Credem’s Green, Social & Sustainability Bond Framework, which allows the Group to issue bonds whose proceeds will be used to finance and/or refinance activities with a positive social and environmental impact.
This is a fix-to-floater bond, which will pay an annual coupon of 5.625% until the optional redemption date in year five (30 May 2028). Starting from that date, should the issuer not call the bond, the coupon will be paid on a quarterly basis and determined on the basis of three-month Euribor, increased by 250 bps. The notes have been listed on the Dublin Stock Exchange, Euronext Dublin.
Allen & Overy’s team was led by International Capital Markets partners Cristiano Tommasi and Craig Byrne, assisted by associate Elisabetta Rapisarda and trainee Paolo Martellone. Counsel Elia Ferdinando Clarizia advised on tax-related aspects.
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