Cassa Depositi e Prestiti placed a new wednesday 500 million euro social bond. The proceeds will be mainly used to support businesses in Southern Italy, foster their growth and support social cohesion and employment levels.
The fixed-rate issue, intended for institutional investors, unsubordinated and unsecured, has an eight-year maturity and pays a gross annual coupon of 0,75%.
The new 2021 social bond is part of CDP's 15 billion euro Debt Issuance Program (DIP) and received a demand equal to about 2,5 billion euros from over 90 investors, of which about 60 from abroad.
“The issue of this Social Bond reflects CDP's growing commitment to sustainable finance, as well as attention to maintaining employment levels and social cohesion,” says CDP's CEO, Dario Scannapieco, underlining that “the significant demand recorded by institutional investors represents a confirmation of the market's confidence in Cassa and also an important signal towards Italy”.
Il rating medium-long term of the securities, for which an application has been made for admission to trading on the Luxembourg Stock Exchange, will be equal to BBB (stable) for S&P, BBB- (stable for Fitch and BBB+ (negative) for Scope.
BNP Paribas, Citi, Credit Suisse, Goldman Sachs International, IMI-Intesa Sanpaolo, MPS Capital Services and UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.
