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Mundys’ €750 million sustainability-linked five-year notes launched at 4 7/8%, allocating Wednesday
By Paul A. Harris
Portland, Ore., Jan. 17 – Mundys SpA launched its inaugural offering of sustainability-linked notes on Wednesday, according to market sources.
The final size is €750 million. The five-year senior notes (expected ratings Ba2/BB+/BB) launched with a 4 7/8% yield, tight to yield talk of 4 7/8% to 5%. Initial guidance was 5¼% to 5 3/8%.
The deal was playing to €1.8 billion of demand at 4 7/8%, a source said.
Final terms and allocations are expected later Wednesday.
Joint global coordinator BNP Paribas will bill and deliver. Credit Agricole CIB, IMI-Intesa Sanpaolo and Mediobanca are also joint global coordinators.
Credit Agricole is sustainability structuring coordinator.
The joint active bookrunners are Banca Akros SpA, BNP Paribas, Credit Agricole, IMI-Intesa Sanpaolo, Mediobanca and UniCredit.
The notes are being issued in accordance with the issuer’s sustainability-linked financing framework, initially released in November 2022 and updated following the validation of Mundys’ targets by science-based target initiative achieved in August 2023.
Sustainalytics has provided a second party opinion dated Dec. 22, 2023.
Mundys is a Rome-based infrastructure group with a long-term concession portfolio comprised of motorways, airports and mobility services.
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