FS Italiane: 8 years 1 billion euro bond issuance

Rome, 22nd   June 2017

Overwhelming success for the bond issuance launched today by Ferrovie dello Stato Italiane (rating: S&P’s: BBB-; Fitch: BBB, both stable).

From an initial target benchmark size, thanks to the robust demand of ca. 2 billion of euro, FS issued bonds for the maximum amount of 1 billion euro with a 8 years maturity and 1.5% fixed coupon.

The final spread was set at mid-swap +105 basis points - 15 basis points lower that the initial guidance - reflecting 0.5 basis points under the BTP with equivalent duration.

The transaction was led by Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank, Goldman Sachs International, JP Morgan and UniCredit as Joint Bookrunners.

The bond, issued under the EMTN Programme updated on 13th June, is part of the overall 2.1 billion of euro approved last 21 April by the FS’ BoD for the 2017 financial needs.

The  proceeds will finance Trenitalia new trains for regional and long haul transport and Rete Ferroviaria Italiana High Speed infrastructure.

“Last week I had a roadshow across the main European financial centers with the Finance and Strategy team. Today we received further endorsement of Ferrovie dello Stato Italiane reliability and that the new Industrial Plan gives out a loud and clear message – affirms Mr. Renato Mazzoncini, CEO of FS Italiane. The choice to recourse mainly to the bond market, today and in the future, has been rewarded by a positive perception from the capital market about the FS’ creditworthiness and its development opportunities. The high demand from investors, with a 52% of orders coming from abroad, clearly shows trust in the FS Group ongoing transformation, from an Italian railway company to an international mobility company.”



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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