FS Italiane Issue €350m Bond

FS Italiane issue €350m bond, for 6 years floating rate notes, under the EMTN Programme listed on the Irish Stock Exchange. The transaction was overseen by UniCredit Bank as Joint Lead Manager and Sole Bookrunner and Monte dei Paschi di Siena Capital Services as Joint Lead Manager. The capital sum will be be underwritten by Cassa Depositi e Prestiti.

FS Italiane Issue €350m Bond

© Mikhail (Vokabre) Shcherbakov under licence

The floating rate notes are are indexed to Euribor 6M plus plus a spread of 70bps. They were issued at a discount with an equivalent re-offer spread of 75 bps. As usual with the floating rate structure, with a 0% coupon floor, FS Italiane will benefit from the the current negative interbank interest rates which will reduce its funding cost.

The issue of the bond received the same Issuer’s rating from Fitch (BBB+) and S&P’s (BBB-) and it is part of the overall Euro 1.8 billion approved in 27 May 2016 by the FS’ BoD.

The proceeds from the sale of the bonds will pay for the purchase of regional and long haul rolling stock by Trenitalia.

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