International law firm Simmons & Simmons has advised BNP Paribas in its role as dealer for a World Bank Sustainable Development Bond.
Raising a total of €60 million, the bond was offered to retail investors in Italy – marking the World Bank’s return to the Italian market since its last issuance in 2018.
The proceeds of the bond will be used towards the World Bank’s financing of sustainable development activities in developing countries, in line with the global institution’s mission to reduce poverty, boost prosperity, and support the environment.
The redeemable five-year fixed rate bond is listed on the Mercato Telematico delle Obbligazioni (MOT), EuroMOT segment, managed by Borsa Italiana – the Italian stock exchange.
Simmons advised BNP Paribas in its role as lead manager for the transaction, with a team led by partner and head of the firm’s Debt Capital Markets group in Milan, Paola Leocani – along with supervising associates Ilaria Barone and Martina Nicki Giocoladelli.
Commenting on the issuance of the bond, Paola Leocani said: “Our experienced team is pleased to have advised BNP Paribas in its key role in this successful and impactful bond issuance. Supporting transactions that bring about positive social and environmental change is a priority for the firm, and it is encouraging to see the strong vote of confidence from Italian investors in the World Bank’s financing of sustainable development programmes.”
