Credito Sportivo: places 500 mln 5-year bonds with a 3.5% coupon; orders totalling 1.4 mld
(Il Sole 24 Ore Radiocor) - The Istituto per il Credito Sportivo e Culturale has placed its third social bond, with a maturity of 5 years and a total value of 500 million euros. The unsecured senior preferred bond is reserved for institutional investors and is intended to support high-impact investments in sport and culture. The bond pays a fixed annual coupon of 3.5 per cent and forms part of the institute’s Euro Medium Term Note programme, with a total value of
a total of 3 billion euros. Orders totalled €1.4 billion, “three times the initial offer”, with investors coming “from over 70 institutional investors, and an increase in the participation of foreign subscribers, who accounted for 50 per cent of the total”, according to a statement. The international component was particularly diverse, with significant representation from the UK (12%), France (11%), Germany (9%) and Spain (7%). There was a “significant” presence of “highly qualified” ESG investors.
The social bond’s rating is in line with that assigned to the bank by S&P and DBRS, which are BBB and BBB (High) respectively.
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