INVITALIA S.p.A. has launched a Euro 350 million 5.25% social bond expiring in November 2025

Monday 7 November Invitalia – Agenzia Nazionale per l’Attrazione degli Investimenti e lo Sviluppo d’Impresa S.p.A. successfully placed a 3-year Senior Unsecured Social Bond. This represents the company’s return to the capital market after the first transaction in July 2017, duly reimbursed in July last year.

• The net income of the issue will be used to finance the company’s eligible projects, in line with the provisions of Invitalia’s Social Bond Framework, drawn up in compliance with the “Social Bond Principles 2021” published by ICMA and targeted at promoting sustainable investments
• With a nominal value of Euro 350 million, the transaction has a fixed rate, is unsubordinated and unsecured, expires on 14 November 2025 (bullet), pays an annual coupon of 5.25%, and has an issue price of 99.884%. The effective yield is 5.293% and corresponds to a spread of 195 basis points above the yield of the reference BTP (BTP 1.20% August 2025), equivalent to a spread of 223.3 basis points above the mid swap rate with the same duration. The securities will be listed on the regulated market of the Luxembourg Stock Exchange
• The Company was rated as Investment Grade Baa3 by Moody’s, while DNV issued the Second Party Opinion
• The security, restricted to professional investors and eligible counterparties, has attracted total orders of around Euro 470 million, almost 1.4 times more than the amount offered, from more than 60 high-quality investors, from a wide geographical area and characterised by the significant participation of ESG investors. The positive feedback received made it possible to increase the scale of the transaction from Euro 300 million announced initially to a final amount of Euro 350 million, as well as to reduce the return on the transaction by 5 basis points with respect to the guidance (from 200 to 195 basis points)
• Banca Akros acted as Joint Bookrunner
• This is the twelfth bond issue for Banca Akros in which it has acted as leading bank during 2022, and its eighth ESG bond issue

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