Mundys’ €750 million sustainability-linked five-year notes launched at 4 7/8%, allocating Wednesday

By Paul A. Harris

Portland, Ore., Jan. 17 – Mundys SpA launched its inaugural offering of sustainability-linked notes on Wednesday, according to market sources.

The final size is €750 million. The five-year senior notes (expected ratings Ba2/BB+/BB) launched with a 4 7/8% yield, tight to yield talk of 4 7/8% to 5%. Initial guidance was 5¼% to 5 3/8%.

The deal was playing to €1.8 billion of demand at 4 7/8%, a source said.

Final terms and allocations are expected later Wednesday.

Joint global coordinator BNP Paribas will bill and deliver. Credit Agricole CIB, IMI-Intesa Sanpaolo and Mediobanca are also joint global coordinators.

Credit Agricole is sustainability structuring coordinator.

The joint active bookrunners are Banca Akros SpA, BNP Paribas, Credit Agricole, IMI-Intesa Sanpaolo, Mediobanca and UniCredit.

The notes are being issued in accordance with the issuer’s sustainability-linked financing framework, initially released in November 2022 and updated following the validation of Mundys’ targets by science-based target initiative achieved in August 2023.

Sustainalytics has provided a second party opinion dated Dec. 22, 2023.

Mundys is a Rome-based infrastructure group with a long-term concession portfolio comprised of motorways, airports and mobility services.

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