Sustainability-Linked Bonds

Mundys returns to the SLB market

Written by Josephine Richardson

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Mundys S.p.A. (ticker ATLIM, formerly Atlantia), an Italian holding company owning and operating motorway and airport infrastructure, announced on 29 April 2026 a new EUR500mn Sustainability-Linked Bond (SLB). Rated BB+/Ba1/BB+, the company has issued SLBs exclusively since January 2024, making this its fourth such instrument.

The new bond maps to Mundys’ 2025 Sustainability-Linked Financing Framework (also used by its 2025-issued bond), which tightens and restructures several KPIs relative to the 2023 Framework. Targets now extend to 2030, replacing earlier 2027 interim milestones, and shift from subsidiary-level pass/fail metrics to direct Group-level intensity measures.

Notably, the Scope 3 KPI now targets a 22% reduction in motorway purchased goods and services GHG intensity versus 2019, while the airport KPI shifts from airline engagement to a direct 18.9% reduction in ADR Fiumicino LTO CO₂e per passenger versus a 2024 baseline. This same LTO target appears in two ADR SLBs, indicating strong coordination between parties exposed to these Scope 3 emissions.

The renewable electricity target has also been raised from 77% to 90% by 2030. As a high-yield rated issuer in a hard-to-abate sector, Mundys’ continued and deepening use of the SLB structure could suggest investors value this transparency to support ongoing market access.

About the author

Josephine Richardson

Josephine Richardson

Managing Director, Head of Research

Based in London, Jo leads AFII’s research and a global team supporting fixed income investors as they align their portfolios with climate and sustainability goals. She joined AFII after 18 years in fixed income markets at JPMorgan.

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