Aeroporti di Roma takes nuanced approach to penalty in SLB debut

By Mike Turner
22 Apr 2021

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. ...

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