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.
Debt Capital Markets
Banca Akros
Debt Capital Markets

 

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