Bper Banca and Cassa Depositi e Prestiti have launched a new 250 million euro Basket Bond program which aims to facilitate access to credit for Italian companies and support investments by SMEs with alternative finance instruments.
It is the first time that a Basket Bond plan benefits from the guarantee of the European Guarantee Fund, managed by the EIB group, an integral part of the package of response measures to Covid approved by the EU in 2020 and dedicated to countering the economic difficulties and production slowdowns caused from the pandemic.
The Bper and Cdp Basket Bond program
Based on what is expected, Bper and Cdp will invest in minibonds issued by those companies that intend to finance their growth using an alternative channel to the traditional credit one. Technically, the minibond basket investment will be made by a vehicle company – Special Purpose Vehicle (SPV) – which in turn will issue securities that will be acquired by Bper Banca, arranger of the programme, and CDP in equal shares.
The initiative, which will end at the end of 2022, provides in particular a first issue of 48 million: the securities will have a duration of 6 years and will include pre-amortisation.
The companies that will participate in the first issue
The six companies, selected without applying particular sector restrictions, participating in the first issue are: Icm Spa, Cmb – Cooperativa Muratori e Braccianti di Carpi, Zanutta Spa, Cipriani Profilati SB Srl, Weightpack Srl and Co.ge.fa Spa.
“Thanks to this operation, the companies will be able to implement their respective development projects, in Italy and abroad, also through acquisitions aimed at consolidating the reference markets, as envisaged in the companies' business plans for the period 2022-2024”, explain CDP and Bper in a joint note.
Marco Mandelli, head of the CIB department of Bper Banca, commented: "This transaction is part of a broader project by Bper Banca to support Italian companies also through innovative products, alternatives to traditional bank credit, which allow deserving companies to start accessing the capital market with simplified procedures. This issue, structured together with CDP, makes it possible to offer liquidity at competitive conditions and with an average duration longer than that normally used for medium-long term bank loans of an unsecured nature".
Andrew Nuzzi, Head of Companies and Financial Institutions of Cdp, added: “With this operation, CDP takes another important step in the path of accompanying the capital market of Italian companies through alternative finance instruments in line with the principles of the 'Capital Markets Union'. The use of Basket Bonds and the guarantee of the 'European Guarantee Fund' Program for the first time in Europe in this type of transaction testifies to CDP's capacity for financial innovation in support of the investment and growth plans of Italian companies, in line with the guidelines of the 2022-2024 Strategic Plan”.
