AMCO issues senior unsecured bond
AMCO SUCCESSFULLY ISSUES A €500M 3.5-YEAR
SENIOR UNSECURED BOND
- The book was over 1.7 times oversubscribed; more than 60% of allocations to foreign investors
- The deal confirmes AMCO’s capabilities to attract a stable, diversified and high-quality institutional investor base
Milan, 20 September 2022. Today AMCO successfully priced a senior unsecured transaction for a total notional amount of €500 million with a 3.5-year maturity to March, 27th 2026.
Despite the challenging environment, more than 60 institutions placed orders, totalling about 1.7 times the final amount offered. Foreign accounts represented 62% of the allocations. In terms of investors’ type, asset managers accounted for 47%, the rest being a mix of banks, institutions and pensions funds.
The 3.5-year bond carries a fixed annual coupon of 4.375% and an issue price of 99.896%. Settlement is expected to occur on September 27th 2022. The notes will be listed on Luxembourg Stock Exchange’s Regulated Market.
The bond, reserved to institutional investors, was issued under AMCO’s €6bn EMTN Programme renewed on September, 16th 2022 and has an expected rating of BBB from both Standard & Poor’s and Fitch.
Deutsche Bank, IMI-Intesa Sanpaolo, Mediobanca, Morgan Stanley and Santander acted as Joint Lead Managers. Clifford Chance and White & Case acted as legal advisors to AMCO and to the banks respectively.
