Autostrade per l'Italia wraps €1B two-part bond tight of guidance; terms

Autostrade per l'Italia SpA has priced its €500 million six-year and €500 million 10-year bonds at spreads of MS+155 and MS+195, respectively. Final terms compare with initial price thoughts at MS+170/175 for the six-year tranche and MS+215 area on the 10-year note. Guidance was MS+160 area and MS+200 area, respectively, with a 5 basis points tolerance.

Final books were over €1 billion and over €1.3 billion, respectively, down from a combined book of over €2.4 billion at guidance.

Citi, J.P. Morgan and UniCredit (B&D) were active bookrunners on the transaction, with Banca Akros, BNP Paribas, Credit Suisse, IMI-Intesa Sanpaolo, Mediobanca, Morgan Stanley and Natixis making up the rest of the underwriting group.

Issuer ratings are expected in line with existing issuer ratings of BB/Ba2/BB, banks said. The bonds will be sold off the company's EMTN program dated Nov. 16, 2021, and include a put option linked to concessions granted by the Italian government to operate Italian toll motorways.

Terms: