(Alliance News) - Pirelli & C. Spa announced Wednesday that it has initiated and completed the placement with international institutional investors of its first sustainaibility-linked bond with a total nominal amount of EUR600 million.

The issue was placed with more than 190 international investors and saw demand nearly 6 times the supply, which amounted to about EUR3.5 billion.

"This is the first Sustainability-linked issue with size benchmark of this type placed by a global tyre company. The transaction, the first carried out since Pirelli was awarded an investment grade rating by S&P Global and Fitch Ratings, testifies to the company's commitment to integrating sustainability into its business strategy and is linked to its 2025 targets to reduce absolute greenhouse gas emissions (Scopes 1 and 2) and emissions from purchased raw materials (Purpose 3)," the company explained in a note.

Pirelli on Wednesday closed flat at EUR5.45 per share.

By Claudia Cavaliere, Alliance News reporter

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