TERNA SpA launches green bond of Euro 600 million at 0.375%, expiring in June 2029

Banca Akros acted as Joint Bookrunner

On Tuesday, 22 June, Terna SpA successfully placed a new eight-year senior unsecured Green bond.

The net income of the issue will be used to finance the company’s eligible green projects, in line with the provisions of Terna’s Green Bond Framework, drawn up in compliance with the Green Bond Principles 2021 published by ICMA and the European Union’s Taxonomy, aimed at encouraging sustainable investments.

• With a nominal value of Euro 600 million, the transaction has a fixed rate, is unsubordinated and unsecured, expires on 23 June 2029 (bullet), pays an annual coupon of 0.375%, and has an issue price of 99.819%. The effective yield is 0.398%, corresponding to a spread of 45 bps above the mid-swap rate of the same duration. The securities will be listed on the Luxembourg Stock Exchange.
• The Company is rated Investment Grade Baa2 by Moody’s, BBB+ by Standard & Poor’s and A- by Scope. Vigeo released the Second Party Opinion.
• The security, restricted to professional investors and eligible counterparties, attracted total orders of around Euro 1.2 billion – twice the amount offered – from more than 150 investors of high quality and from a wide geographical area. The positive feedback received allowed for a 30-basis-point reduction in the transaction’s yield from the initial guidance (from 75 to 45 bps), and an increase in the size offered from Euro 500 million to Euro 600 million.
• Banca Akros acted as Joint Bookrunner
• This is the twelfth bond issue for Banca Akros in which it has acted as leading bank during 2021.

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