ICSC Raises €500M Social Bond, Expanding Sustainable Investment Reach

The Istituto per il Credito Sportivo e Culturale (ICSC) has completed the placement of its third unsecured senior preferred social bond, reserved for institutional investors and intended to support high-impact investments in the sports and culture sectors.

ICSC attracts strong ESG investor demand to fund sports, culture, and social infrastructure projects

With an oversubscription rate of three times the initial offering and an increasing international participation, equal to 50% of the total subscribers, with a significant presence of highly qualified ESG investors, the intraday issuance raised a total of €500 million, confirming the solidity of ICSC’s ESG profile and its ability, as a national promotional bank, to mobilize institutional capital for initiatives and projects with high social and territorial additionality.

The transaction represents the first placement under the new Green Social Sustainable Financing Framework, which incorporates ICSC’s 2030 roadmap, defined by the 2025-2030 Strategic Plan and the 2026-2030 ESG Plan. The updated framework expands the scope of eligible project categories, specifically including student housing and urban regeneration projects, confirming the objectives of social cohesion and competitive transition.

The placement is also consistent with the funding plan outlined in the Bank’s strategy, which calls for increased use of capital markets instruments through a structured and recurring bond issuance program. This program aims to capture the evolution of institutional investors’ asset allocation strategies, which are increasingly focused on increasing exposure to the social infrastructure sector as a segment capable of integrating financial return, risk management, and lasting social impact objectives.

“With this third Social Bond, the Bank is taking a particularly significant step in its development on the capital markets. The interest expressed by investors confirms not only the Bank’s credibility as an active issuer in the sustainable finance market, but also the growing recognition of the Sport and Culture sectors as an asset class capable of combining financial return, measurable social impact, and long-term value creation,” stated Antonella Baldino.

ICSC CEO said: “The expansion of the scope of intervention outlined in the 2025-2030 Strategic Plan further strengthens the ability to support highly additional investments, consolidating ICSC’s role as a national promotional bank for the financing of social infrastructure.”

Crédit Agricole CIB, IMI-Intesa Sanpaolo, Mediobanca, Santander, and UniCredit acted as Joint Lead Managers for the placement.

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