AMCO issues senior unsecured bond
AMCO SUCCESSFULLY ISSUES A €750M 3-YEAR SENIOR UNSECURED BOND
- At the peak, the book was over 4 times oversubscribed, confirming the strong interest for AMCO by non-domestic institutional investors
Milan, 14 January 2026. AMCO has successfully issued a new senior unsecured bond for a notional amount of €750 million with a long 3-year maturity to 15 March 2029.
The new bond has a fixed annual coupon of 2.75% and an issue price of 99.735%. Settlement is expected to occur on 21 January 2026 and the expected issue rating is BBB+ from both Standard & Poor’s and Fitch.
The new bond has an implicit premium of 37 basis points over the reference BTP. With a strong demand for an amount of over €3 billion (oversubscription equal to 4 times vs. offering size) the final spread is 18 basis points tighter versus Initial Price Talks. Allocations to non-domestic investors were 77% of the issued amount, with a significant participation by Nordics Funds.
The bond is issued under Italian law and fully dematerialized through Monte Titoli. The notes will be listed on the Luxembourg Stock Exchange.
The bond is issued under AMCO’s €6 billion EMTN Programme published on 24 March 2025.
Barclays, BNP Paribas, Citi, IMI – Intesa Sanpaolo, Mediobanca and UniCredit acted as Joint Lead Managers. Clifford Chance and Chiomenti acted, respectively, as legal advisors to AMCO and the banks.
