Cassa Depositi e Prestiti placed its first sustainability bond on Tuesday worth 500 million euros and maturing in 2023. The operation closed during the day with requests exceeding one billion euros which made it possible to lower the guidance price compared to what was initially indicated by the banks involved in the issue: the final yield, equal to 2,175% and a coupon of 2,125%, was a 25 basis point spread compared to the reference BTP, the one maturing October 2023 and coupon 2,45%, against initial indications in the range of 30-35 basis points.
A price that essentially aligns with the yield curve recognized by CDP in existing issues in a phase in which, in any case, Italian assets are viewed with caution by investors: "Cdp's choice to place was at the same time rational, because it caught the right moment in the light of the performance of Italian government bonds in the last two days, but also an important signal as a subject that is assimilated in part to the European agencies and in part to the financial ones - explains Pietro Bianculli, head of the bond syndicate of Unicredit - It is a choice that reopens the market in its segment, therefore, even if investors with regard to possible future issues of Italian financials will probably want to wait for further signals on the Budget Law".
Almost 60% of the "sustainability bond" was placed abroad and, in addition to attracting the interest of traditional investors, it turned to the so-called Social Responsible Investors, focused on those financial instruments aimed at investing in projects with an environmental impact or social. In fact, the CDP bond program includes projects that use the proceeds from funding in four areas: infrastructure and urban development, education, financing SMEs, energy and the environment. The banks involved in the operation were Banca IMI, Bnp Paribas, Credit Agricole, Goldman Sachs, Mps Capital Services, Santander and Unicredit.
