(Alliance News) - Pirelli Spa on Tuesday announced that it had completed the placement with international institutional investors of a sustainability-linked bond for a total nominal amount of EUR600 million. The issue was placed with more than 210 international investors and saw demand of more than 4.6 times the supply, which amounted to about EUR2.8 billion.

"The sustainaibility-linked bond is parameterized to Pirelli's sustainability targets, subject to validation by Science Based Targets initiative consistent with the company's "sustainability-linked financing Framework," the document updated in May 2024 - which contains the company's guidelines and commitments to its stakeholders on sustainable finance," the company explained in the note released.

Pirelli closed Tuesday's session 2.0 percent in the red at EUR5.67 per share.

By Maurizio Carta, Alliance News reporter

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