Registration: 144A/Reg S; Comments: 01/11/2021 TIM SpA (Telecom Italia) (TITIM) EUR1bn Reg S bearer sr notes (sustainability bond) due 01/18/29 (8y). NCL (MWC B+40bp) (3mo part call) (80% clean-up call). Expect Ba2/BB+/BB+. Via Akros/BBVA/BNPP (B&D)/CA/CS/DB/Santander/UBI Banca/UniCredit joint books. Off EMTN programme. Annual pay (Act/Act). List Lux. English law. Settles 01/18 (T+5). IPT: 2.25% area (approx ms+255-260bp). Px guidance: 1.875% area. Final terms: EUR1bn at 1.75% yield. Priced: 1.625% at 99.074, yield 1.75%. +238.9bp vs DBR 0.25% 08/28, ms+205.6bp. Books at guidance over EUR3.9bn (pre rec). Books went subject at 12pm UKT 01/11. UOP: sustainability bond for eligible green and social projects in accordance with the TIM Group Sustainability Financing Framework. Biz: telecom services in Italy. HQ: Milan, Italy.;