The fixed-rate bond has a maturity of 7 years, with a coupon of 3.875%
The offering was 3.5 times oversubscribed
Rome, 8 July 2024 – Cassa Depositi e Prestiti Spa (CDP) today successfully placed a new bond issue, with a nominal value of 750 million euro, at a fixed rate, unsubordinated and targeted to institutional investors.
The issuance has a seven-year maturity (due in July 2031) and an annual gross coupon of 3.875%. The bond was issued as part of the Debt Issuance Programme (DIP), CDP's 15 billion euro medium-to-long-term issuance programme, listed on Euronext Dublin and reserved for institutional investors.
This transaction allows CDP to strengthen its position in financial markets, confirming its ability to attract both domestic and international capital. The issuance recorded an overall demand of more than 2.6 billion euro, with the supply around 3.5 oversubscribed, from almost 100 investors. The final allocation included 45% Italian and 55% foreign investors, particularly from Germany/Austria/Switzerland (16%), Spain and Portugal (15%), and France (13%). The proceeds from this new issue will be allocated by Cassa Depositi e Prestiti to continue its activities in support of the Country's development.
The medium/long-term rating of the securities, whose admission to trading on the Dublin Stock Exchange has been applied for, is expected to be BBB for S&P, BBB for Fitch and BBB+ for Scope.
Banca Akros, Banca Monte dei Paschi di Siena, BPER Corporate & Investment Banking, Crédit Agricole CIB, Deutsche Bank, Intesa Sanpaolo (IMI CIB division), Morgan Stanley and UniCredit have acted as Joint Lead Managers and Joint Bookrunners for this transaction.