The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America, Canada, Japan or Australia or in any other jurisdiction where it is unlawful to publish or distribute this document.

FS Italiane: issued euro 600 million inaugural Green Bond issuance

Great success, demand exceeded 1.3 billion euro

Rome, December 1st 2017

Ferrovie dello Stato Italiane (S&P BBB, Fitch BBB both stable) has successfully placed its inaugural green bond, being the first European green bond issuance of an incumbent railway operator to finance both new regional and high speed trains ever in the market. The transaction, priced yesterday November 30th, has a nominal value of € 600 million and a 6 years tenor.

Notably, as per FS Italiane Green Bond Framework the proceeds from the bond issue will be used for the Public Transport Rolling Stock Renewal as follows:

  • New Electric Multiple Unit (EMU) trains for regional passenger transport;
  • New High speed Trains “ETR 1000”.

Both category of projects ensure energy efficiency improvements, carbon emissions reduction and modal shift to rail in the local public and long distance transport market, as well as contribute, among others, to the improvement of air quality and the comfort of passengers.

The transaction took place after a pan-European roadshow with stops in Paris, Munich, Frankfurt, Amsterdam and the Hague. Demand exceeded 1.3 billion euro from 115 investors, of which more than 60% from foreign investors; according to FS analysis, around 50% of final orders were from institutional investors with sustainability commitment.

The execution allowed FS Italiane to set coupon at 0.875%, that represents the lowest coupon ever obtained by FS Italiane in a public bond in the capital markets. The final spread was set at mid swap +52 basis points, more than 10 basis points lower than the initial price talk. It is equivalent to a spread of around 1.5 basis points under the BTP duration equivalent, at the books’ closing.

“The success of this transaction confirms the positive perception from the capital market about the FS’ creditworthiness and its development opportunities. Besides it is an endorsement of the FS Group’s commitment for a sustainable mobility – says Mr. Renato Mazzoncini, CEO of FS Italiane. We’ve got acknowledgment from the markets that our sustainable approach relates to the whole life cycle of the rail transport, including the funding process. Sustainability principles are at the base of our strategic choices, indeed, with the 2017-2026 Industrial Plan, the FS Group has renewed and strengthened its ambition to develop a sustainable transport services that can create value for the community in a lasting way, through a process to transform the sector by facilitating the modal shift away from cars into less carbon intensive modes of transport.”

Crédit Agricole CIB and HSBC acted as Joint Structuring Green Advisors whilst Banca IMI, Barclays, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs International, HSBC, J.P. Morgan and SG CIB, acted as Joint Lead Managers and Joint Bookrunners.



This publication constitutes neither an offer to sell nor a solicitation to buy or subscribe any securities.

The information contained herein is not for distribution, directly or indirectly, in or into the United States of America (including its territories and possessions of any State of the United States of America or of the District of Columbia) and must not be distributed to U.S. persons (as defined in Regulation S of the U.S. Securities Act of 1933, as amended ("Securities Act")) or publications with a general circulation in the United States of America or in any jurisdiction where such distribution or publication would be unlawful. This publication is not an offer of securities for sale in the United States of America. No notes have been and will not be registered under the Securities Act and may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act, as amended. Ferrovie dello Stato Italiane S.p.A. does not intend to register any portion of the offering in the United States of America or to conduct a public offering of the Securities in the United States of America.

This publication is not an offer of securities for sale in United States of America, Italy, the United Kingdom, Canada, Japan or Australia or in any other jurisdiction.

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