01/12/2021 Autostrade per l'Italia SpA (ATOSTR) EUR1bn Reg S bear sr notes due 01/15/30 (9y). NCL (MWC B+45bp) (3mo par call, 80% clean-up call). Put option at par for Concession Event. Expect Ba3/BB-/BB+. Via MS (B&D) sole gloco and active book/Akros/BNPP/GS/IMI/Mediobanca/Natixis/UniCredit/UBI joint books. Annual pay (act/act). List Dublin. English law. Settles 01/15 (T+3). ISIN: XS2278566299. Px guidance: ms+250bp area. Final terms: EUR1bn at ms+235bp. Priced: 2.00% at 99.099, yield 2.111%. ms+235bp.. +267.6bp vs DBR 0% Aug 2029. Books closed at 12:30pm UKT. Books were in excess of EUR2bn at price talk. UOP: GCP, including capex and investments, and repaying debt. Biz: provides infrastructure services (operates toll road concession assets in Italy). HQ: Rome, Italy