Commentary & Deal Flow

Mediocredito Centrale S.P.A. (“MCC”), indirectly controlled by the Government of Italy through the national agency for investment and economic development Invitalia, rated BBB/BBBH (S&P/DBRS), has mandated IMI-Intesa Sanpaolo as Sole Sustainability Coordinator and Banca Akros, BNP Paribas, IMI-Intesa Sanpaolo (B&D), Morgan Stanley and UniCredit as Joint Lead Managers for a new issue.

An expected €500m (WNG), Reg S, Social Senior Preferred 5.5-year bond offering will follow, subject to market conditions.

• Expected Issue Ratings: BBB/BBBH (S&P/DBRS)
• Framework: The Social bond offering will be issued in accordance with MCC’s newly established Social Financing Framework, dated March 2026. A Second Party Opinion has been delivered by ISS Corporate Solutions.
• Use of Proceeds: An amount equivalent to the net proceeds from the bond will be used to finance and/or refinance Eligible Social Assets in line with the eligibility criteria set out in MCC’s Social Financing Framework.
• Listing: The regulated market of the Luxembourg Stock Exchange.
• Stabilisation: Relevant stabilisation regulation (including FCA / ICMA) applies.
• Target Market: Professional investors only / no sales to retail– Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK CCI disclosure document has been prepared as not available to retail in EEA and UK.