Cassa Depositi e Prestiti has successfully placed a social bonds of 750 million euros intended for institutional investors. “The operation – reads a note from the CDP – is aimed at providing resources for the financing of school building and urban redevelopment interventions with particular focus on safety".
In detail, the proceeds will be used "for the construction, renovation, safety and anti-seismic adaptation of publicly owned buildings used for school education of all levels - from kindergarten to university - and for urban redevelopment, including the other, through initiatives aimed at improving the living conditions of those areas in which phenomena of degradation, social unease and scarce security are found”.
The issue is at a fixed rate, unsubordinated and unsecured. It has a duration of 7 years, with an annual coupon of 2,125% and price equal to 99,288%. There question it reached 1,7 billion euros, with the participation of over 100 investors, mostly foreign.
54% of subscribers were represented by banking institutions, 25% by investment funds and management companies, 15% by insurance companies and the remaining 6% by central banks and other investors.
The securities, which will be traded on the Luxembourg Stock Exchange, have the same rating medium-long term, in line with that of the Italian Republic and equal to BBB (negative) for S&P, Baa3 (stable) for Moody's, BBB (negative) for Fitch and BBB+ (stable) for Scope.
