By Laura Contemori – ROME (Econostream) – Italian state-owned railway group Ferrovie dello Stato Italiane on Wednesday priced a €650 million five-year senior unsecured green bond.

The notes mature on June 24, 2031 and carry a fixed annual coupon of 3.250%.

Pricing was set at 25bp over the 3.15% BTP due June 1, 2031, corresponding to a reoffer yield of 3.332% and a reoffer price of 99.628.

The deal was also priced at the equivalent of 54.7bp over mid-swaps.

The expected issue rating is BBB+ by S&P and Fitch.

An amount equal to the net proceeds will be allocated to finance 100% EU Taxonomy-aligned projects, including investments in passenger transport and rail infrastructure in Italy, in line with the issuer’s Green Bond Framework.

The notes include a change-of-control put option.

The notes will be listed on Euronext Dublin’s regulated market and on Borsa Italiana’s MOT regulated market, and are governed by English law.

Settlement is scheduled for June 24, 2026.

Barclays, BNP Paribas, Crédit Agricole CIB (B&D), IMI-Intesa Sanpaolo, Morgan Stanley and UniCredit acted as active bookrunners, with Banca Akros, CaixaBank and ING acting as passive bookrunners.