A&O Shearman advises on first sustainability-linked bond by INWIT

The bond pays a fixed annual coupon of 3.625%. It is issued as part of INWIT’s Euro Medium Term Notes Program (EMTN) and was admitted to listing on the regulated market of the Luxembourg Stock Exchange and on Borsa Italiana.

The new notes are being issued in conjunction with the cash buyback offer (the Tender Offer) announced by INWIT on October 6, 2025 addressed to the holders of its EUR1m 1.875% notes due July 8, 2026 (XS2200215213). The Tender Offer period ended on October 10, 2025.

A&O Shearman has advised the financial institutions acting as joint lead managers in the transactions: Banca Akros, BBVA, BNP Paribas, BofA Securities, Crédit Agricole CIB, IMI – Intesa Sanpaolo, Mediobanca – Banca di Credito Finanziario S.p.A., Morgan Stanley, SMBC and UniCredit Bank Gmbh.

Cristiano Tommasi, partner, commented: “We are proud to have on this inaugural transaction for INWIT, which underscores the capital markets’ ability to channel funding toward measurable ESG objectives. This type of transactions highlights the continued development of the capital markets and our role as a trusted advisor on sustainability-linked offerings.”

The A&O Shearman team was led partners Cristiano Tommasi and Alessandra Pala, supported by counsel Sarah Capella, associate Marco Mazzurco, and trainee Lisa Avitabile. Counsel Elia Ferdinando Clarizia advised on tax.