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Allen & Overy advises on a Sustainability Senior Non-Preferred bond by Mediobanca

Allen & Overy provided assistance in relation to the syndicated placement of a EUR500 million Sustainability Senior Non-Preferred bond intended for professional investors with a four-year maturity (expiring 13 September 2027) and a call option after three years. 

The bond is the first non-senior instrument and the first ESG bond placed by the Mediobanca Group as part of the 2023-26 Strategic Plan “One Brand One Culture”. During the placement, the bond received orders for over EUR2 billion.

The new bond will carry a coupon rate of 4.875% until 13 September 2026. Starting from that date, if early repayment has not occurred, the bond will accrue quarterly interest equal to the three-month EURIBOR rate, increased at a margin of 1.45% on an annual basis. The bond has been documented under Mediobanca’s EUR40 billion Euro Medium Term Note (EMTN) and will be listed on the regulated market of the Irish Stock Exchange, Euronext Dublin.

The A&O team advising the pool of financial institutions acting as Managers in the placement was led by counsel Emiliano La Sala and partners Cristiano Tommasi and Craig Byrne, supported by associate Edoardo Brugnoli and trainee Marco Mazzurco.