Cassa Depositi e Prestiti (CDP) returns to the ESG emissions market with its second green bonds, for a total amount of 500 million of euros and maturity of 8 years, reserved for investors institutional, with blockchain reporting, for the first time in Europe. The bond has a gross annual fixed coupon equal to 3,25 % and expires in June 2033.
- orders amounted to almost 2,5 billion euros, equal to 5 times the offer, from over 100 investors. Nearly three-quarters of the amount (73%) was allocated abroad and in particular in France (25%), BeNeLux (15%), United Kingdom (14%), Germany/Austria/Switzerland (9%), with strong interest from European institutions and a marked presence of criteria-oriented investors, says a note.
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“This issuance represents a significant step for CDP in promoting technological innovation, including in the field of sustainable finance,” says CDP. “Blockchain technology will be used to tokenize the reporting process, offering investors an additional way to verify the allocation of proceeds from the transaction and its impacts, ensuring even greater transparency, integrity and reliability of the information provided.”
The proceeds of the issue will be intended to initiatives with positive environmental impacts, including
infrastructure investments in the renewable energy and sustainable mobility sectors, as well as interventions in favor of companies aimed at energy efficiency and the promotion of the circular economy.
This is the first CDP bond reserved for institutional investors listed exclusively on the Mercato Telematico delle Obbligazioni (MOT) of Borsa Italiana. The placement was carried out under CDP's Debt Issuance Programme (DIP), the 15 billion euro programme dedicated to medium-long term issues for institutional investors, approved by Consob on 7 May and admitted to listing by Borsa Italiana. The bond is also the first Green issued under CDP's new “Green, Social and Sustainability Bond Framework”, updated in December 2023, in line with the Green Bond Principles of the International Capital Market Association (ICMA).
This brings the number of ESG issues placed on the market since 11 to 2017, for a total value of 7,25 billion euros. “The transaction strengthens CDP's commitment to achieving the priorities identified in the new Strategic Plan 2025-2027,” says CDP, “in particular in the context of Just Transition, through support for the development of infrastructures for the energy transition and the circular economy, the promotion of climate change adaptation and mitigation measures, a greater boost to competitiveness to strengthen the ecosystem of Italian businesses, infrastructures and public administrations, promoting access to finance, dimensional growth and technological innovation processes.”
The expected medium-long term rating is BBB+ for S&P, BBB for Fitch and BBB+ for Scope.
Banca Akros, BofA Securities, BNP Paribas, Intesa Sanpaolo (IMI CIB Division), Santander
Corporate & Investment Banking, UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.
