Commentary & Deal Flow

 Split-rated: Immobiliare Grande Distribuzione SIIQ SpA (IGD) (IDGIM) inaugural EUR300m (down from EUR350m) Reg S green sr notes due 04/04/27 (5y). NCL (MWC, 3mo par call, 75% cllean up call). NR/BB+/BBB- (stable/stable). Via BNP/MS (B&D) jt glocos/Banca Akros/Citi/GS/Mediobanca/MPS Capital Services/UniCredit jt books. Annual pay (Act/Act). List Dublin. English law. Settles 04/04 (T+5). ISIN: XS2463982590.  Coupon steps up 125bp if rated sub-IG. IPT: 4% area yield. Px guidance: yield set at 4%.

Final terms: EUR300m at 4% yield.

Books approx EUR330m (incl. EUR20m JLM interest). Books subject at 12:30pm UKT. Pricing today UK afternoon. Roadshow 03/24-25 (over 90 investors engaged through small group calls and the Dealroadshow). Investor IOI was the mid-to-high 3s. UOP: to finance or refinance eligible green projects. Biz: one of the largest listed real estate companies in Italy specialising in shopping centres and retail galleries. HQ: Ravena, Italy.