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BNY Mellon Supports Infrastructure Transformation in Italy


€1.5 billion bond issuance to finance construction of long-awaited tollway in Veneto

BNY Mellon has announced its appointment by Superstrada Pedemontana Veneta trustee, paying and escrow agent,  registrar, and triparty collateral agent on a €1.57 billion bond that will finance construction and other project costs for a tollway connecting key cities in Veneto’s Prealps region. 

The 95km Superstrada Pedemontana Veneta tollway has been included in regional infrastructure plans for decades. It began construction in 2011 and has sought additional financing via a bond issuance since 2015. It is expected to have a positive economic impact by responding to the mobility needs of one of the most urbanized and industrialized areas of the North of Italy, as well as by integrating the region’s transportation network with major European roadways.

The transaction is the culmination of more than two years of work and represents:

  • the highest value unrated project bond issued for the construction of a toll road;
  • the first unrated “greenfield” (i.e. construction phase rather than refinancing) project bond ever and the first project bond of a greenfield infrastructure in Italy;
  • the largest European project bond to be placed without EIB credit enhancement; and
  • one of the first Italian project bonds issued pursuant to Legislative Decree No. 50 of 18 April 2016, part of a package of legislative reforms introduced to facilitate infrastructure investment in Italy.

The unique status, size, and maturity of the bonds have helped make it attractive to numerous international investors, and has also helped draw the attention of foreign markets to investments in Italy. The Junior class also represents an important milestone for the Italian market, being the first Payment In Kind (PIK) bond supported by the Domestic Central Depository (Monte Titoli - London Stock Exchange Group).

“We are proud to have played an important part in the successful closing of the largest Greenfield Project Bond in Europe,” said Milan-based Michela Sperandio, Group Manager, Corporate Trust Italy. “The expertise in the unique complexities of project finance, project bonds, and public-private partnerships in both our London and Milan offices enabled us to work across the multiple parties to this issuance.”

To learn more about BNY Mellon Corporate Trust, please visit our website. Members of the media, contact Chris Fox (

BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of December 31, 2017, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 54,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.

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