Italy’s Istituto per il Credito Sportivo e Culturale makes €1bn bond issuance

Istituto per il Credito Sportivo e Culturale (ICSC), the Italian bank specializing in financing sports and cultural infrastructure, has successfully launched its €1 billion medium-term note (MTN) program, marking a significant milestone in its financial strategy. As part of this initiative, the bank has also issued its first-ever social senior bond, valued at €500 million.

The social senior bond, issued under the EMTN program, is structured in dematerialized form and centralized at Euronext Securities Milan (Monte Titoli). It carries a fixed annual coupon of 3.500% and matures on January 29, 2030. This issuance represents a landmark transaction for ICSC, aligning with its mission to promote investment in socially impactful projects within the sports and cultural sectors.

The bonds have been listed on the Luxembourg Stock Exchange, reinforcing ICSC’s position in the international capital markets and providing institutional investors with a unique opportunity to support the bank’s commitment to financing sustainable and socially responsible projects.

ICSC was advised on the issuance by leading law firms Chiomenti and Clifford Chance.

Chiomenti’s team was led by partners Gianrico Giannesi and Benedetto La Russa, with support from senior associate Gioia Ronci, associate Carla Iencarelli, and junior associate Matteo Moreale. Tax matters were handled by partner Raul-Angelo Papotti, alongside of counsel Maurizio Fresca and associates Giovanni Massagli and Italo Bove.

Clifford Chance assisted the financial institutions involved in structuring the EMTN program and issuing the social senior bond. Their team was led by partners Gioacchino Foti and Filippo Emanuele, supported by senior associates Francesco Napoli and Jonathan Astbury, associate Nicole Paccara, and trainee lawyers Edoardo Leozappa and Lorenzo Mereghetti.

This successful bond issuance not only strengthens ICSC’s financial foundation but also underscores its role as a key driver of investment in Italy’s sports and cultural landscape.