The SIS consortium of Sacyr (49%) and Finic (51%) closed on November 29 one of the largest bond issues in Europe for a greenfield project, the Euro 2.566-billion (US$3.1 billion) Pedemontana-Veneta toll highway. The highway will run 162 km across the Alpine industrial region of Veneto in northeastern Italy. Bonds worth Euro 1.571 billion (US$1.9 billion) issued by SIS are listed on the Irish Stock Exchange. 

JP Morgan is global coordinator, with Spain’s Banco Santander and Italian banks Banca IMI and Banca Akros, the investment arm of Banca Popolare de Milano as co-coordinators. The bonds are divided two parts: Euro 1.22 billion (US$1.4 billion) of 30-year senior bonds with a 5% coupon, and Euro 350 million (US$415 million) of 10-year subordinated bonds at 8%.