Registration: Reg S Only;
Registration: Reg S Only;
Deal Comments
01/18/2022 Autostrade per l'Italia SpA (ATOSTR) EUR1bn Reg S bearer sr notes 2-part. Expect Ba2/BB/BB+ (review for upgrade/positive outlook/Rating Watch positive). Via Citi/JPM/UniCredit (B&D) jt active books/Banca Akros/BNP/CS/IMI/Mediobanca/MS jt books. Off the EMTN programme. List Dublin. English law. Annual pay (Act/Act). Settles 01/25 (T+5).
- EUR500m due 01/25/28 (6y). NCL (MWC B+30bp) (3mo par call). (80% clean-up call). Put option at par for Concession Event. ISIN: XS2434701616. IPT: ms+170-175bp. Guidance: ms+160bp area (+/- 5bp). Launch: EUR500m at ms+155bp. Priced: 1.625% at 99.384, yield 1.734%. +201.8bp vs DBR 0% Nov 2027. ms+155bp.
- EUR500m due 01/25/32 (10y). NCL (MWC B+40bp) (3mo par call). (80% clean-up call). Put option at par for Concession Event. ISIN: XS2434702853. IPT: ms+215bp area. Guidance: ms+200bp area (+/-5bp). Launch: EUR500m at ms+195bp. Priced: 2.250% at 99.039, yield 2.359%, +241.1bp vs DBR 0% Aug 2031. ms+195bp.
Did investor calls 01/17 (global investor call at 11:30am UKT 01/17). Books went subject at 12:40pm UKT 01/18. Combined books at guidance over EUR2.4bn (slight skew to the 10y). Combined books, pre-rec, at launch (tight end of guidance) over EUR2.3bn (6y over EUR1bn, 10y over EUR1.3bn). Final book combined EUR2.3bn (EUR1bn 6y and EUR1.3bn 10y). UOP: GCP, including capex and investments, and repaying existing debt. Biz: toll motorway concession in Italy (approx. 50% of the Italian motorway system). HQ: Rome, Italy.