A year after its debut, Cassa Depositi e Prestiti returns to the US capital market with a new $1,5 billion Yankee Bond intended for institutional investors
CDP launches a new Yankee bond
In detail, it is adollar-denominated bond issuei, the second for Cdp, intended for institutional investors residents both in the United States of America and in other geographies, for a total amount of 1,5 billion dollars.
The issue attracted unprecedented interest from the financial markets in the history of CDP, with orders that exceeded 9,9 billion of dollars, equal to almost 7 times the offer, coming from approximately 190 investors.
The ones who did the lion's share were the foreign investors which approached 80% of the final allocation, with approximately 55% of US investors.
The characteristics of the bond
The bond has a gross annual coupon equal to 5,875% and a maturity of 5 years. The securities ratings is expected to be BBB for S&P and BBB for Fitch.
“Through this operation, CDP confirms its ability to attract foreign capital, consolidating its presence on international financial markets, in line with its diversification strategy of the sources of collection and expansion of the investor base", explains the company, which adds: "the issue allows the Cdp group to simultaneously strengthen its activity in support of the exports of Italian companies, also through the export finance channel .
The operation involved a bank union, within which the following acted as joint bookrunners: Bnp Paribas, BofA Securities, Citigroup, Goldman Sachs International, Imi-Intesa Sanpaolo, JP Morgan, Santander Corporate & Investment Banking, Société Générale Corporate & Investment Banking and Unicredit. BofA Securities and Goldman Sachs International also acted as Global Coordinators of the transaction.
