Debt and Rating

On January 23, 2024, A2A successfully placed its inaugural European Green Bond of Euro 500m and tenor 10 years, the first on the market by a European corporate issuer. The European Green Bond was welcomed by a strong investor response gathering orders for about Euro 2.2bn, resulting in an oversubscription ratio of almost 4.4x. The notes, subject to the English Law and intended for institutional investors only, have been issued under A2A’s European Medium Term Notes Programme approved by the Italian competent authority (Commissione Nazionale per le Società e la Borsa – CONSOB) in December 2024 (as supplemented in January 2025) and was admitted to listing on the Electronic Bond Market (MOT) managed by Borsa Italiana S.p.A starting on January 30, 2025 and on the Regulated Market managed by Luxembourg Stock Exchange starting on March 20, 2025.

In accordance with the provisions of EU Regulation 2023/2631, the net proceeds of the issuance will be used to finance or refinance projects, without the use of the flexibility pocket, as outlined in the Factsheet verified by Sustainable Fitch, which will be published by the issue date in the relevant Sustainable Financing section of A2A’s website, The selected projects will be 100% aligned with the European Taxonomy, playing a pivotal role in implementing the Group’s Strategic Plan for energy transition and circular economy. These projects include the development of electricity network and renewable energy, energy efficiency and waste collection.

Citigroup, Crédit Agricole CIB and Intesa Sanpaolo (Divisione IMI CIB) acted as Global Coordinators, supporting A2A in the structuring of the ESG aspects of the transaction. BBVA, BofA Securities, BNP Paribas, Citigroup, Crédit Agricole CIB, Goldman Sachs International, J.P. Morgan, Intesa Sanpaolo (Divisione IMI CIB), Mediobanca, Morgan Stanley, Santander, Société Générale e UniCredit acted as Joint Bookrunners. A2A is assisted by the legal advisor Simmons & Simmons, whilst the Joint Bookrunners by Linklaters.

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On January 27, 2023, A2A successfully launched a new Green Bond with a size of € 500 mln and maturity 11 years. The new transaction was welcomed by a strong investor response: indeed, the total order book amounted to € 2.2bn, resulting in an oversubscription ratio of almost 4x. The new Green Bond, which is addressed to institutional investors only and has been issued under A2A’s Euro Medium Term Notes Programme, is based on the issuer’s Sustainable Finance Framework.

The net proceeds from the issuance will be used to finance and/or refinance strategic projects in the fields of circular economy and energy transition: the so-called Eligible Green Projects mainly related to renewable energy, transmission and distribution networks, energy efficiency, and pollution prevention and control, as defined in A2A’s Sustainable Finance Framework. A2A selected those projects which are eligible to the EU Taxonomy - the EU regulation that lists economic activities that can be considered sustainable.

In addition, A2A commits to disclose, as part of its allocation report, prepared in accordance with the Sustainable Finance Framework, also the actual amount of investments aligned to the EU Taxonomy that have been financed through this Green Bond.

Citigroup and Crédit Agricole CIB acted as Global Coordinators whilst BBVA, BofA Securities, BNP Paribas, Citigroup, Crédit Agricole CIB, Goldman Sachs International, Intesa Sanpaolo (Divisione IMI CIB), Mediobanca, Santander, Société Générale and UniCredit acted as Joint Bookrunners. A2A is assisted by the legal counsel Simmons & Simmons whilst the Joint Bookrunners by Allen & Overy.

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On September, 12 2022, A2A successfully launched a new Green Bond with a size of € 650 mln and maturity 8 years. The new transaction received a strong investor response: indeed, the total order book amounted above € 1.7 bn, implying an oversubscription ratio of almost 2.6x. The new Green Bond, which is addressed to institutional investors only and has been issued under the Euro Medium Term Notes Programme, is based on A2A’s Sustainable Finance Framework.
The net proceeds from the issuance will be used to finance and/or refinance strategic projects in the fields of circular economy and energy transition: the so-called Eligible Green Projects mainly related to renewable energy, transmission and distribution networks, energy efficiency, and pollution prevention and control, as defined in A2A’s Sustainable Finance Framework. A2A pre-emptively assessed the alignment of those green projects to the EU Taxonomy (with particular reference to the substantial contribution to the environmental objective of 'Climate Change Mitigation' and 'Climate Change Adaptation').  In addition, A2A commits to disclose, as part of its allocation report, prepared in accordance with the Sustainable Finance Framework, also the actual amount of investments aligned to the EU Taxonomy that have been financed through the Green Bond.
BNP Paribas and Mediobanca acted as Global Coordinators whilst BNP Paribas, Citigroup, Crédit Agricole CIB, Goldman Sachs International, IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Santander, and UniCredit acted as Joint Bookrunners. A2A is assisted by the legal counsel Simmons & Simmons whilst the Joint Bookrunners by Allen & Overy.

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On June, 8 2022, A2A successfully launched a new Green Bond with a size of €600mln and maturity 4 years. The new transaction received a strong investor response: indeed, the total order book amounted above €1.7bn, implying an oversubscription ratio of almost 3x. The new Green Bond, which is addressed to institutional investors only and has been issued under the Euro Medium Term Notes

Programme, is based on A2A’s Sustainable Finance Framework.

The net proceeds from the issuance will be used to finance and/or refinance strategic projects in the fields of circular economy and energy transition: the so-called Eligible Green Projects mainly related to renewable energy, energy efficiency, and pollution prevention and control, as defined in A2A’s Sustainable Finance Framework.

A2A pre-emptively assessed the alignment of those green projects to the EU Taxonomy (with particular reference to the substantial contribution to the environmental objective of 'Climate Change Mitigation'). In addition, A2A commits to disclose, as part of its allocation report, prepared in accordance with the Sustainable Finance Framework, also the actual amount of investments aligned to the EU Taxonomy that have been financed through the Green Bond.

IMI-Intesa Sanpaolo and Santander acted as Global Coordinators whilst BBVA, BNP Paribas, Crédit Agricole CIB, Goldman Sachs International, IMI-Intesa Sanpaolo, Mediobanca, Santander, and UniCredit acted as Joint Bookrunners. A2A has been assisted by the legal counsel Simmons & Simmons whilst the Joint Bookrunners by Allen & Overy.

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Prospectus for details

A2A issued a new Green Bond with UoP aligned to EU Taxonomy

On March, 9 2022, A2A successfully launched a new Sustainability-Linked Bond with a size of €500mln and maturity 6 years. The new transaction received a strong investor response: indeed, the total order book amounted to €3.5bn, implying an oversubscription ratio of 7x.
The new Bond, which is addressed to institutional investors only and has been issued under the Euro Medium Term Notes Programme, is based on A2A’s Sustainable Finance Framework, updated in February 2022.

The bond is linked to the achievement of a specific sustainability performance target related to the renewable energy capacity installation. This target, which is also included in the recently updated A2A 10-year strategic plan, commits A2A to reaching an installed capacity of 3.0 GWh (or higher) by 2024 and contributes to the achievement of UN SDGs 7 and 13.
Should A2A fail to reach the target, a 25bps coupon step-up will apply. In the event that A2A reaches the target, the coupon will remain unchanged until the maturity of the bond.

Citigroup and Mediobanca acted as Global Coordinators whilst BBVA, BNP Paribas, Citigroup, Crédit Agricole CIB, IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Santander, Société Générale and UniCredit acted as Joint Bookrunners. A2A was supported by the legal counsel Orrick whilst the Joint Bookrunners were assisted by Allen & Overy.

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Prospectus for details

A2A issued a new Sustainability-Linked Bond related to the Renewable Energy Capacity installation

On October, 25 2021, A2A successfully launched a new Green Bond with a size of €500mln and maturity 12 years. The new transaction received a strong investor response: indeed, the total order book was in the region of € 1.6bn, implying an oversubscription ratio greater than 3x.
The new Green Bond, which is addressed to institutional investors only and has been issued under the Euro Medium Term Notes Programme, is based on A2A’s Sustainable Finance Framework.
The net proceeds from the issuance will be used to finance and/or refinance strategic projects in the fields of circular economy and energy transition: the so-called Eligible Green Projects mainly related to renewable energy and networks, as defined in A2A’s Sustainable Finance Framework. A2A pre-emptively assessed the alignment of those green projects to the EU Taxonomy (with particular reference to the substantial contribution to the environmental objective of 'Climate Change Mitigation').
In addition, A2A commits to disclose, as part of its allocation report, the actual amount of investments aligned to the EU Taxonomy that have been financed through the Green Bond.
BNP Paribas and Goldman Sachs International acted as Global Coordinators whilst BNP Paribas, Citi, Goldman Sachs International, IMI-Intesa Sanpaolo, JP Morgan, Mediobanca, Santander, Société Générale and Unicredit acted as Joint Bookrunners. A2A was supported by the legal counsel Orrick whilst the Joint Bookrunners were assisted by Allen & Overy.

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Prospectus for details

A2A issues its first Green Bond with UoP aligned to EU Taxonomy

Green Bond Report - Issuance 2021

On July, 7th 2021, A2A successfully launched its inaugural Sustainability-Linked Bond with a size of € 500mln and maturity 10 years. The new transaction received a strong investor response: indeed the total order book peaked at € 1.2bn, implying an oversubscription ratio of 2.5x.

The new bond, which addresses only institutional investors and is issued within the Euro Medium Term Notes Programme, is based on the new Sustainable Finance Framework.

The bond is linked to the achievement of a specific sustainability performance target related to direct greenhouse gas emissions reduction (Scope 1) per kWh of energy produced. This target, which is also included in A2A 10-year strategic plan, commits A2A to cap the Group’s greenhouse gas emissions in 2025 at 296g CO2 per kWh (or lower), in line with the Science Based Target commitment approved in March 2020.

Should A2A fail to reach the target, a 25bps coupon step-up will apply. In the event that A2A reaches the target, the coupon will remain unchanged until the maturity of the bond.

JP Morgan and UniCredit acted as Global Coordinators in the transaction whilst BBVA, BNP Paribas, Citi, IMI-Intesa Sanpaolo, Mediobanca, JP Morgan, Santander, Société Générale and UniCredit acted as Joint Bookrunners. A2A was supported by the legal counsel Orrick whilst the Joint Bookrunners were assisted by Allen & Overy.

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Prospectus for details

A2A, issued its inaugural sustainability-linked bond

On 21 October 2020, A2A has successfully launched the issue of a twelve-years bond for a total amount of 500 million euro, exclusively targeted at institutional investors, under its Euro Medium Term Notes Program, last updated on 28 July 2020 (supplemented by a supplement of 20 October 2020).
The notes were placed at an issue price equal to 99.471% and have an annual yield of 0.671%, an annual coupon of 0.625%, with a spread of 85 basis points over the reference mid-swap rate.
At the issue date, this transaction marks the lowest ever coupon for an Italian corporate issuance of more than 10 years.
The bonds are governed by English law and are listed on the regulated market of the Luxembourg Stock Exchange as of October 28, 2020.
The new notes are assigned a rating by Moody's and Standard & Poor's.
The  issue  is  in  line  with  the  financial  strategy  aimed  at  maximizing  the  efficiency  in  terms  of increasing  the  average  duration  of  the  Group’s  debt,  reducing  the average  cost  of  debt  and optimising the debt redemption profile, with a proactive funding management aimed at seizing all the opportunities offered by the capital market.
The placement of the notes is managed by Goldman Sachs International. A2A was assisted by the law firm Legance - Avvocati Associati.

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Prospectus for details

Successful Launch Of A 500 Million Euro Bond Issue

On 8 July 2019, A2A has successfully launched the issue of a ten-year green bond for a total amount of 400 million euro, exclusively targeted at institutional investors under its Euro Medium Term Notes Programme.
The notes have an annual coupon of 1.000% and were placed at an issue price equal to 98.693%, with a spread of 105 basis points over the reference mid-swap rate.
The bonds, governed by English law, and listed on the regulated market of the Luxembourg Stock Exchange as of July 16, 2019.
Net proceeds will finance and/or re-finance eligible green projects related to circular economy, decarbonization as well as smart network and services: investments in water and waste treatment, renewable energy development, energy efficiency, sustainable mobility and network upgrade.
The issue is in line with A2A’s financial and sustainable (ESG) strategies, confirming its green vocation and the constant attention to a transparent disclosure towards all its stakeholders.
The placement of the new notes was managed by BBVA, BNP Paribas – Green Structuring Advisor, Mediobanca, UniCredit, as Joint Bookrunners. A2A was assisted by the law firm Legance - Avvocati Associati and the banks by Allen & Overy.

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Prospectus for details

Impressive outcome for the inaugural Green Bond of A2A

Green Bond Report - Issuance 2019

On 11 October 2017, A2A has successfully launched the issue of a ten-year bond for a total amount of 300 million euro, exclusively targeted at institutional investors under its Euro Medium Term Notes Programme.

The notes have an annual coupon of 1.625% and were placed at an issue price equal to 98.700%, with a spread of 87 basis points over the reference mid-swap rate.

The bonds, governed by English law, and listed on the regulated market of the Luxembourg Stock Exchange as of October 19, 2017.

The issue will reduce the average cost of debt and, in line with the Group’s financial strategy, will increase the average maturity of debt and optimize the maturity profile.

The placement of the new notes was arranged by Citi Group Markets Limited, Goldman Sachs International, Mediobanca – Banca di Credito Finanziario S.p.A., Société Générale e UniCredit Bank AG. The Company was assisted by the legal advisor Legance – Avvocati Associati.

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Prospectus for details

A2A S.p.A. announces tender offer and the intention to issue new Notes - 11 October 2017

On 18 February 2015, A2A has successfully launched the issue of a ten-year bond for a total amount of 300 million euro, under its Euro Medium Term Notes Programme, which update and increase to a total of 4 billion euro has been approved by the Board of Directors on November 6, 2014.

The notes have an annual coupon of 1.75%, A2A’s lowest coupon ever, and were placed at an issue price equal to 99.221%, with a spread of 110 basis points over the reference mid-swap rate.

The bonds are exclusively targeted at institutional investors, governed by English law, and listed on the regulated market of the Luxembourg Stock Exchange as of February 25, 2015.

The issue – intended for debt repayment – will reduce the average cost of debt and, in line with the Group’s financial strategy, will increase the average maturity of debt and optimize the maturity profile.

The placement of the new notes was arranged by Banca IMI, Barclays, BNP Paribas and UniCredit as Joint Bookrunner.

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On 9 March 2017 A2A successfully privately placed with a limited number of qualified investors Euro 300 million notes with a seven-year maturity due in March 2024, issued under its Euro Medium Term Notes Programme.

The notes, governed by English law, have the following characteristics: a 1.25% annual fixed coupon rate; a 99.774% issue price and a 1.284% yield.

The issue of the notes is in line with the Group’s financial strategy, aimed at extending the average maturity of the Company’s debt and optimizing the management of maturities.

The placement of the notes has been managed by Morgan Stanley & Co. International plc.

The notes are listed on the regulated market of the Luxembourg Stock Exchange as of 16 March 2017.

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On December 2, 2013 A2A has successfully privately placed a 300 million Euro tenyear bond under its 3 billion Euro Medium Term Notes Programme approved and increased by the Management Board of A2A on November 7, 2013.

The private placement is in line with the Group’s financial strategy, aimed at extending the average maturity of the Company’s debt stock and optimizing the maturity schedule. Proceeds will be used to reimburse the debt close to maturity.

The notes – with a minimum denomination of 100 thousand Euro, and maturity on December 4, 2023 – have a 4.000% annual coupon rate, and reoffer price of 99.539%. The re-offer yield is 4.057%, corresponding to 210 basis points over the underlying interest rate swap.

The notes are governed by English law. The settlement date is December 4, 2013, when the notes will be listed on the Luxembourg Stock Exchange.

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On December 9 2013, A2A has successfully placed on the European market a 500 million Euro bond due on January 13, 2022, under its 3 billion Euro Medium Term Notes Programme updated and increased on November 25, 2013. The issue was exclusively targeted to institutional investors.

The notes – with a minimum denomination of 100 thousand Euro – have a 3.625% annual coupon rate, and reoffer price of 99.561%. The re-offer yield is 3.688%, corresponding to 190 basis points over the underlying interest rate swap.

The issue – whose proceeds will be used for debt repayment – will allow to reduce the average interest rate on the Group’s debt and, in line with its financial strategy, extend the average maturity of the Company’s debt and optimizing the maturity schedule.

The notes are governed by English law. The settlement date is December 13, 2013, and following that date the notes will be traded on the Luxembourg Stock Exchange.

The placement of the notes was managed by Banca IMI, Credit Agricole, Mediobanca, and UniCredit, as Joint Bookrunners.

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On 10 August 2006, ASM issued its second bond. It was not, however, placed on the market but wholly acquired by Aflac , one of the biggest US insurance groups and the largest in Japan.
The bond has a 30-year maturity with a half-yearly coupon; it is worth a total of around EUR 95 million and carries an annual fixed coupon of around 5.4%.

The loan, which was initially issued in yen (14 billion) with a yen fixed rate (3.2%), was converted into a euro-denominated bond via a cross currency swap.

The issue was launched with the support of Merrill Lynch rating agency Standard & Poors awarded the bond an A+ rating, the same rating given to ASM

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