Global law firm Dentons advised Ferrovie dello Stato Italiane on the issuance of its third green bond, which has a nominal value of €1 billion and a duration of seven years.
Deutsche Bank, Goldman Sachs International, Banca IMI-Intesa Sanpaolo, ING, Morgan Stanley, NatWest Markets, Santander and UniCredit acted as joint lead managers and joint bookrunners.
The transaction, the third of its kind after the previous ones in 2017 and 2019, represents the largest green bond issued by the state-owned Italian railway company to date, and the lowest coupon ever for one of its public issuances (set at 0.375%, with a final spread of 60 basis points over the relevant mid-swap rate).
The bond was mainly subscribed by ESG investors committed to sustainability issues. The proceeds will be used to finance eligible green projects, in accordance with Ferrovie dello Stato Italiane’s Green Bond Framework and, in particular, to purchase new trains for regional and long-distance services.
For this transaction, Ferrovie dello Stato Italiane received a certification from the Climate Bonds Initiative, a non-profit organisation that promotes sustainable finance globally in order to tackle climate change.
Dentons acted with a team led by Partners Gianpaolo Garofalo and Piergiorgio Leofreddi ̶ members of the ESG and Sustainability service unit ̶ and composed of senior associate Bianca Chiara Sinisi and associate Matteo Mosca, as well as Partner Roberta Moscaroli and trainee Mariateresa Soave Carparelli for tax aspects.
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