Cassa Depositi e Prestiti S.p.A. launches a €750 million, 3.500% “Sustainable” bond issue maturing in September 2027

On Monday 12 September Cassa Depositi e Prestiti (“CDP”) successfully placed a new 5-year Sustainability Bond. The securities were issued as part of the “CDP Green, Social and Sustainable Bond Framework” and will be intended to support green initiatives in a number of sectors, including that of renewable energy as well as water and energy efficiency, including the social segment, intended to support social infrastructure and international cooperation.

• The issue, with a nominal value of €750 million, has a fixed rate, is unsubordinated and unsecured, expires on 19 September 2027 (bullet), pays an annual coupon of 3.500% and has an issue price of 99.712%, corresponding to a spread of 45 bps above the benchmark BTP yield (September 2027 BTP 0.950%). The yield is 3.564%.
• The securities were issued as part of the Debt Issuance Programme Base Prospectus, CDP’s medium/long-term issue programme, and will be listed on the Dublin Stock Exchange.
• The Company has been rated BBB Stable by S&P, BBB Stable by Fitch, BBB+ Stable by Scope and Baa3 Negative by Moody’s. ISS ESG issued the Second Party Opinion.
• The bond, which is restricted to professional investors and eligible counterparties, collected total orders of more than €1.2 billion, 1.7 times the amount offered, from around 75 investors, with a net prevalence of demand from abroad. The positive feedback received allowed for a 5-basis-point reduction in the transaction’s yield from the initial guidance (from 50 to 45 bps).
• The proceeds of the issue will be used for the financing and/or refinancing of eligible projects consistent with the priorities identified in CDP’s 2000-2024 Strategic Plan, i.e., “Climate change and ecosystem protection”, “Inclusive and sustainable growth” and “Redesigning value chains”.
• Banca Akros acted as Joint Bookrunner.
• This is the eleventh bond issue for Banca Akros in which it has acted as leading bank during 2022, and its seventh ESG bond issue.

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