Registration: Reg S Only; Comments: 12/01/2020 Autostrade per l’Italia SpA (ATOSTR) EUR1.25bn (from EUR1bn-1.25bn) Reg S bearer sr notes due 12/04/28 (8y). NCL (MWC B+45bp, 3mo par call, 80% clean-up call). Put option at par for Concession Event and/or Trigger Event. Ba3/BB-/BB+. Via MS gloco/active books (B&D)/Banca Akros/IMI-Intesa Sanpaolo/Mediobanca/Natixis/UBI Banca/UniCredit joint books. Annual pay (act/act). List Dublin, English law (save for for mandatory provisions of Italian law in certain cases). Settles 12/04. ISIN: XS2267889991. Guidance: m/s+275bp area. Final spread: EUR1bn-1.25bn at m/s+250bp. Launched: EUR1.25bn at m/s+250bp. Priced: 2.00% at 98.814, yield 2.163%. +282bp vs DBR 0.25% Aug-2023. m/s+250bp. Did investor Call at 9.00am UKT 12/01. UOP: GCP, including capex and investments, and repayment of debt. Biz: provides infrastructure services (operates toll road concession assets in Italy). HQ: Rome, Italy;