Commentary & Deal Flow

IPTs: MS+165bp area

• Issuer: Mundys S.p.A.
• Ticker: ATLIM
• Country: IT
• Issuer LEI code: 8156008DEC771409C487
• Ratings/ credit quality: Consolidated credit quality by Moody’s: Baa3 (Stable) Issuer Rating by S&P: BB+ (Positive) Consolidated credit profile by Fitch: BBB- (Stable)
• Exp. Issue Ratings: Ba1 (Moody’s) / BB+ (S&P) / BB+ (Fitch)
• Format: Senior Unsecured, Reg S Bearer, NGN (TEFRA D rules apply, no communications with or into the US)
• Size: €500m Expected
• Pricing date: 29-Apr-26 (T)
• Settlement: 07-May-26 (T+5)
• Maturity: 12-Jan-32 (5.7yr)
• Coupon: Fixed (annual, Act/Act ICMA), short first coupon
• Docs: EMTN Programme Base Prospectus dated 13-Jun-25 as supplemented on 19-Sep-25 and on 17-Apr-26
• Listing: Euronext Dublin (Regulated Market)
• Governing Law: English Law
• Denominations: €100k x €1k
• Call Option: 3m Par Call / MWC
• Put Option: Material Asset Sale Put Event
• Premium Payment Trigger Event(s): Independent Premium Payment Trigger Event for each KPI Event. Premium Payment Trigger Event(s) will occur if the Issuer fails to satisfy the KPI 1 Condition or the KPI 2 Condition or the KPI 3 Condition, in each case in accordance with the Conditions of the EMTN Programme Base Prospectus
• KPI 1 Condition: Reduction in absolute GHG Scope 1 and 2 Emissions by 50% (the “Scope 1 and 2 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2019 baseline
• KPI 2 Condition: Reduction in Motorways Scope 3 purchased goods and services GHG emissions intensity (tCO2e per million km), by 22% (the “Motorways Scope 3 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2019 baseline
• KPI 3 Condition: Reduce ADR Scope 3 emissions (Aircrafts’ Landing & Take-off) by 18.9% (the “ADR Scope 3 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2024 baseline
• Premium Payment Amount per KPI: 25bps upon failure to satisfy KPI 1 Condition 25bps upon failure to satisfy KPI 2 Condition 25bps upon failure to satisfy KPI 3 Condition (For a maximum cumulative premium of 75bps)
• Premium Payment Date: The Maturity Date (or, if applicable, the date on which the Notes are fully redeemed pursuant to the Issuer Maturity Par Call Option or the MWC in the circumstances set out in Condition 5(k) (Step Up and Premium Payment) of the EMTN Programme Base Prospectus)
• Use of Proceeds: General Corporate Purposes
• Sustainability-Linked Financing Framework: Published in May 2025 https://www.mundys.com/sites/default/files/documents/Mundys%20Sustainability-linked%20Financing%20Framework_2025.pdf
• SPO: A Second Party Opinion on Sustainability-Linked Financing Framework delivered by Sustainalytics and dated 26-May-25 is available at https://www.mundys.com/sites/default/files/documents/Mundys%20Sustainability-Linked%20Financing%20Second-Party%20Opinion_2025.pdf
• Global Coordinators: Barclays, BNP Paribas, IMI-Intesa Sanpaolo, UniCredit (B&D)
• Joint Active Bookrunners: Banca Akros, Crédit Agricole CIB, ING, Mediobanca
• Other Bookrunners: BofA Securities, BPER Corporate & Investment Banking, Deutsche Bank, MUFG, SMBC, Société Générale
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No sales to retail in EEA or the United Kingdom. No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Advertisement: The Base Prospectus dated 13-Jun-25 as supplemented on 19-Sep-25 and on 17-Apr-26, along with the final terms, once published, are available at https://live.euronext.com/en/product/bonds-detail/p1417%7C16895/documents
• Timing: Book open, today’s business