Allen & Overy advises on Credemholding subordinated Tier 2 social bond

Allen & Overy has advised the financial institutions on the issue of a EUR200 million subordinated Tier 2 social bond by Credemholding S.p.A., the holding company of Credito Emiliano, the first social Tier 2 ever issued by a European bank.

The issuance represents the first social bond of Credemholding within the ESG Framework, published in December and the second ESG issuance by Credem Group. The issue has been mirrored by the issuance of a similar social instrument by Credito Emiliano S.p.A. and entirely subscribed by Credemholding.

Allen & Overy advised the banks with a team led by International Capital markets partners Cristiano Tommasi and Craig Byrne, supported by associate Edoardo Tonachella and trainee Marco Mazzurco, with counsel Elia Ferdinando Clarizia advising on tax aspects.