Cassa Depositi e Prestiti (Cdp) has successfully placed a new €750 million bond issue, reserved for institutional investors. The operation has orders collected for 6,3 billion of euros, more than eight times the offer, thus reaching the highest demand ever recorded from CDP for a euro bond dedicated to this category of investors.
The outcome confirms the international market's strong confidence in the solidity of the Cassa and, more generally, of the country system. Over 110 investors participated in the placement, with a foreign share exceeding 70% of the final allocation.
International investors are the protagonists
The success of the issue also reflects the strategy of diversification of the investor base envisaged by the 2025-2027 Strategic Plan by CDP, which aims to strengthen its capital market funding. Specifically, investors from France (18%) and the United Kingdom (17%) represent the largest share, followed by Portugal and Spain (14%), Germany, and Switzerland (13%).
The characteristics of the title
The new bond, a fixed rate with ten-year duration (maturity October 2035) offers a gross annual coupon of 3,50%. The expected rating is BBB+ from S&P, Fitch, and Scope Ratings, consistent with the creditworthiness of the company, which is controlled by the Ministry of Economy and Finance.
The issuance is part of the Debt Issuance Programme (DIP), the €15 billion program aimed at institutional investors and listed on the Italian Stock Exchange. The funds raised will be used to finance economic development projects consistent with CDP's institutional mission to support the country's growth and competitiveness.
Il placement has been taken care of by BNP Paribas, Citi, IMI-Intesa Sanpaolo, JP Morgan, MPS, Société Générale and UniCredit, as Joint Bookrunners.
