{"id":108021,"date":"2021-01-11T10:21:06","date_gmt":"2021-01-11T10:21:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108021"},"modified":"2021-01-11T10:21:06","modified_gmt":"2021-01-11T10:21:06","slug":"update-1-telecom-italia-to-issue-8-year-green-bond-for-up-to-1-bln-euros-source","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/update-1-telecom-italia-to-issue-8-year-green-bond-for-up-to-1-bln-euros-source\/","title":{"rendered":"UPDATE 1-Telecom Italia to issue 8-year green bond for up to 1 bln euros – source"},"content":{"rendered":"
(Adds details on yield)<\/p>\n
MILAN, Jan 11 (Reuters) – Telecom Italia (TIM) is preparing to raise up to 1 billion euros ($1.2 billion) with its first green bond, a source with knowledge of the matter said on Monday, as Italy\u2019s biggest phone group strives to upgrade its networks.<\/p>\n
The former phone monopoly is working to modernise its fixed and mobile grids, making them more energy-efficient and targetting carbon neutrality by 2030.<\/p>\n
Green bonds allow borrowers to raise funds for projects that benefit the environment.<\/p>\n
The source said the bond had an eight-year maturity and would be issued for up to 1 billion euros.<\/p>\n
The initial indications on the price point to a yield of around 2.25%, equivalent to a spread of 255-260 basis points over the mid-market swap rate, the source added.<\/p>\n
A market source confirmed the pricing details.<\/p>\n
Banca Akros, BNP Paribas, Credit Agricole CIB, Deutsche Bank, UniCredit, Banco Santander, BBVA, Credit Suisse and UBI Banca are lead managing the bond sale.<\/p>\n