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Allen & Overy advises on new green bond by Banca Popolare di Sondrio

Banca Popolare di Sondrio has announced the issue and placement of a Senior Preferred Green bond intended for institutional investors for a nominal value of EUR500 million.

Allen & Overy has advised Intesa Sanpaolo (Divisione IMI CIB) as Global Coordinator and Banca Popolare di Sondrio S.p.A., BNP Paribs, Citi, Deutsche Bank, Intesa Sanpaolo (Divisione IMI CIB), Santander and UniCredit as Joint Bookrunners in the transaction.

The bond has maturity at 26 September 2028 and pays an annual fixed coupon of 5.5% until the reset date (26 September 2027). Since the reset date, if the issuer would not reimburse the bond, the coupon will be paid annually and will be determined basing on the 1 Year Single Mid Swap interest rate increased of a margin of 2,1%.

The notes are issued under the EUR5 billion Euro Medium Tern Notes Programme (EMTN) of Banca Popolare di Sondrio and were admitted to listing on Luxembourg Stock Exchange.

The transaction and was undertaken for the purpose of financing and/or refinancing Green Projects that comply with the Green Bond Framework in place, in line with what happened in July 2021, when the inaugural issue of this type of instrument was made. The notes were admitted to listing on the Luxembourg Stock Exchange.

The Allen & Overy team on the transaction was led by International Capital Markets partners Cristiano Tommasi and Craig Byrne, supported by associate Elisabetta Rapisarda and trainee Paolo Martellone, together with counsel Elia Ferdinando Clarizia on tax-related matters.