Registration: Reg S Only; Comments: 02/09/2021 Atlantia SpA (ATLM) EUR1bn (from EUR750m to EUR1bn) Reg S bearer sr unsec notes due 02/12/28 (7y). NCL (MW B+40bp) (3mo par call) (80% clean-up call). Put option: at par for a material asset sale with downgrade. Exp Ba3/BB-/BB (developing/developing/evolving). Via BNP (B&D) sole gloco/active books/Akros/BofA/GS/IMI-IntesaSanpaolo/JPM/Mediobanca/UniCredit joint books. Annual pay (Act/Act). Engilsh law. List Dublin. Settles 02/12 (T+3). ISIN: XS2301390089. Guidance: ms+230-240bp (approx 2.00%-2.125%). Spread set: EUR1bn (from EUR750m to EUR1bn) (approx 2.00%). Final terms: EUR1bn at ms+230bp (approx 2.00%). Priced: 1.875% at 99.133, yield 2.009%. +263.4bp vs DBR 0.5% 02/28. ms+230bp. Books went subject at 13:15 UKT 02/09. Books were over EUR1.65bn, including LM interest at launch. UOP: GCP, including refinancing debt. Biz: operator of motorways and airports and provider of other infrastructure services. HQ: Rome, Italy.;