A&O Shearman advises on Terna first European Green Bond, renewal of the existing program, and establishment of a new EMTN program on the MOT

The issuance, which was met with strong market demand—reaching a peak request nearly five times the offer—was carried out under Terna’s new EUR4 billion Euro Medium Term Notes (EMTN) Program, established in June 2025, approved by CONSOB, and admitted to listing on the Mercato Telematico delle Obbligazioni (MOT) of Borsa Italiana. Simultaneously with the establishment of the new program, the company renewed its EUR12bn Euro Medium Term Note Programme (EMTN), approved by the CSSF and listed on the regulated market of the Luxembourg Stock Exchange.

A&O Shearman provided assistance in the issuance, renewal, and establishment of the EMTN programs, advising the financial institutions acting as Dealers—BNP Paribas, Citigroup, IMI – Intesa Sanpaolo, and UniCredit—and joint bookrunners BNP Paribas, CaixaBank, Crédit Agricole CIB, IMI-Intesa Sanpaolo, J.P. Morgan, Santander, SMBC, Société Générale, and UniCredit.

The A&O Shearman team was led by partners Alessandra Pala and Cristiano Tommasi, supported by associate Marco Mazzurco and trainee Lisa Avitabile, with counsel Elia Ferdinando Clarizia handling tax aspects.