The Republic of Italy has mandated BofA Securities Europe S.A., Citibank Europe Plc, Crédit Agricole Corp. Inv. Bank, Deutsche Bank A.G. and Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A for a new syndicated BTP Green April 2035. BTP Green, in line with the provisions of the Budget Law for 2020 (Law 27 December 2019 n. 160), are the Italian government bonds aimed at supporting public expenditures with positive environmental impact.
The transaction is expected to be launched in the near future subject to market conditions. All the other Specialists will be invited as Co-Lead Managers.
The proceeds of the bond will be used in accordance with Italy’s Green Bond Framework published in February 2021. The eligible expenditures are intended to contribute to the achievement of one or more of the 6 environmental objectives of the EU Taxonomy and to support the 2030 United Nations Sustainable Development Goals (SDGs) stated in the Green Bond Framework. Consistently with the Framework, the net proceeds of this specific issuance will be tailored to a subset of “green” eligible expenses selected from a pool of “green” expenses included in the Italian State budget from 2019 up to the current year as described in the following Table:
| Years | 2019 | 2020 | 2021(*) | 2022(*) | Total |
|---|---|---|---|---|---|
| Categories | |||||
| Renewable sources for electricity and heat production | 0 | 0 | 0 | 110 | 110 |
| Energy efficiency | 1,829 | 2,018 | 2,438 | 2,265 | 8,550 |
| Transport | 5,195 | 5,470 | 5,578 | 7,993 | 24,236 |
| Pollution prevention and control and circular economy | 12 | 28 | 84 | 490 | 614 |
| Protection of the environment and biological diversity | 112 | 298 | 417 | 1,151 | 1,978 |
| Research | 109 | 133 | 173 | 401 | 816 |
| Total | 7,257 | 7,947 | 8,690 | 12,410 | 36,304 |
Note: Values in millions of euros; (*) indicative.
Further details and documents regarding the BTP Green program can be found at the following link:
http://www.dt.mef.gov.it/en/debito_pubblico/titoli_di_stato/quali_sono_titoli/btp_green/
Not for release, directly or indirectly, in or into the United States of America, Australia, Canada or Japan. This document (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such offer or solicitation would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States or to U.S. persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of such securities is intended to be made in the United States.