Crédit Agricole CIB leads first ever issue of European Green Bonds (EuGB) for A2A
On January 23rd, Crédit Agricole CIB acted as Global Coordinator and Joint Bookrunner on the market’s first ever issue of European Green Bond (EuGB), a €500mn 10-year Senior offering by Italian multi-utility A2A S.p.A..
The EuGB label, established by the European Parliament and the Council with Regulation (EU) 2023/2631, aims to create the “gold standard” for Green Bonds. This standard, which is voluntary, relies on the detailed criteria of the EU taxonomy to define green economic activities and ensures levels of transparency in line with best market practices.
The transaction attained stronger investor demand than any of the issuer’s previous ESG-labelled issues and will finance projects 100% aligned to the EU Taxonomy (mainly related to renewable power and electricity networks).
The deal is also the inaugural one under A2A’s new Milan listed EMTN Programme (approved by Italy’s market regulator CONSOB and listed on Borsa Italiana’s regulated market) - the first ever by an Italian Corporate in this format.
Crédit Agricole CIB played several roles on this groundbreaking transaction which underpins our ability to innovate in the ESG DCM space and strong relationship with the client:
- Global Coordinator for the placement of the new issue, assisting in the structuring of the ESG aspects
- Arranger on A2A’s Milan listed EMTN Programme, signed in December 2024, and
- Structuring bank on the latest update of their Sustainable Finance Framework, published in July 2024
Breaking new ground once again: a prominent Italian client delivers another important market premiere, highlighting once again Crédit Agricole CIB’s leadership in driving sustainable finance in Italy.

Giancarlo Pavia
Head of Sustainable Investment Banking Italy
We commend A2A’s courage and vision in pioneering both the first EuGB and also the first deal under an Italian listed issuance programme; we are convinced many more issuers will follow in their wake. Assisting them in the structuring of all aspects of this innovation transaction is a remarkable achievement for our DCM franchise and a great example of cooperation among all teams involved.

Gianmarco Viglizzo
Head of DCM Italy
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