Allianz Global Investors has refinanced an Italian motorway in the first project bond to be guaranteed by the European Investment Bank (EIB).
AllianzGI acquired €400m of class A1 bonds on Venice’s Passante di Mestre motorway.
The bonds are part of an €830m deal in which other Allianz entities participated.
The agreement is also the first project bond on an Italian infrastructure development.
The EIB has guaranteed 20% of the total deal, worth €166m.
Klaus-Peter Roehler, chief executive at Allianz Italia, said: “As a long-term investor, we are glad to have finalised this important deal in Italy, confirming our strong trust in the country and benefiting both our customers and Italian citizens living in the North East area.”
Roehler said infrastructure investments allowed the company to offer clients “attractive returns rooted in solid assets”, particularly relevant in the current low-interest-rate environment.
More than 85% of the €830m of bonds will be held by international AllianzGI clients outside Italy.
The bond covers 32km of the A4 motorway built by the Concessioni Autostradali Venete (Cav) between 2006 and 2008 and connecting Padua and Venice.
The bonds were priced at a spread of 185 basis points over mid-swap rate, with a coupon of 2.115% and maturity in 2030.
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