Commentary & Deal Flow

The Republic of Italy, rated Baa2/BBB+/BBB+/AL/BBB+ (stab/pos/stab/stab/pos) by Moody's/S&P/Fitch/DBRS/Scope, has mandated Barclays, BNP Paribas, Deutsche Bank, IMI-Intesa Sanpaolo, J.P. Morgan and Société Générale as Joint Lead Managers for a new 12-year benchmark Green BTP with maturity date 30-Oct-38.

The transaction is expected to be launched in the near future subject to market conditions. All other Specialists will be invited as Co-Lead Managers (no co-lead pot, fees only). Reg S, 144A Eligible, CACs. FCA/ICMA stabilisation. Manufacturer target market (MIFID II product governance) is eligible counterparties, professional and retail (all distribution channels). The proceeds of the Green bond will be used in accordance with Italy's Framework for the Issuance of Sovereign Green Bonds ({https://www.dt.mef.gov.it/en/debito_pubblico/titoli_di_stato/quali_sono_titoli/btp_green}).