Ferrovie and Neste hit green bond market with seven years

By Mike Turner
18 Mar 2021

Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels.

Ferrovie, rated BBB/BBB-, hired a plethora of bookrunners for its green bond: Deutsche Bank, Goldman Sachs, Imi-Intesa Sanpaolo, ING, Morgan Stanley, NatWest Markets, Santander and UniCredit.

They opened books at 70bp over mid-swaps. “It trades much tighter than other triple-Bs because of the state ownership,” said a syndicate banker ...

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