Italian utility company A2A has launched a five-year €155 million private placement bond which it said is Italy’s first sustainable blue bond. Proceeds will be allocated for the development and maintenance of projects financed under the Sustainable Water and Wastewater Management category of the Sustainable Finance Framework.
A2A generates, distributes, and markets renewable energy, electricity, gas, integrated water supply, and waste management services. The company said the proceeds will focus on managing and developing water networks–water supply and sewer systems–as well as wastewater treatment plants.
In preparation for this issuance, A2A updated its sustainable finance strategy by introducing a dedicated Blue Finance component through the publication of the Blue Finance Addendum in September 2025. Instruments issued in blue format under the Sustainable Finance Framework will be aligned with the Guidelines for Blue Finance Version 2.0 published by the International Finance Corporation (IFC) in September 2025, the Green Bond Principles (GBPs) administered by the International Capital Market Association (ICMA) – 2021 edition, and the Green Loan Principles (GLPs) administered by the Loan Market Association (LMA) – 2023 edition. S&P Global Ratings has released an updated Second Party Opinion (SPO) on A2A’s Sustainable Finance Framework, confirming that the activities within the eligible blue category are also aligned with the IFC’s Guidelines for Blue Finance.
The bond has a fixed coupon of 2,875%. The securities will be issued under the European Medium Term Notes Programme approved by the Italian regulator Commissione Nazionale per le Società e la Borsa (CONSOB), and will be listed on the Mercato Obbligazionario Telematico (MOT), operated by Borsa Italiana, starting from 23 October 2025.
