Aeroporti di Roma takes nuanced approach to penalty in SLB debut
Aeroporti di Roma made its debut in the sustainability-linked bond market on Thursday, with a structure that allows for several shades of performance, rather than the simple flat rate 25bp coupon step-up usually used.
The crossover issuer, rated Baa3/BB+/BBB-, opened books on Thursday for an expected €500m 10.25 year (July 2031) bond at 210bp over mid-swaps.
Barclays, Bank of America, Crédit Agricole, Goldman Sachs, Imi-Intesa Sanpaolo, Mediobanca, Société Générale and UniCredit were lead managers.They priced the €500m 1.75% deal at 180bp over mid-swaps. ...