La Cassa Depositi e Prestiti successfully closed the first issue of the so-called “panda bonds”, i.e. bonds intended for institutional investors active in the China Interbank Bond Market. In all, the securities issued are worth one billion Renminbi, equal to approximately 130 million euro. The issue is a fixed rate, unsubordinated and unsecured, has a maturity date of three years (August 2022) and provides for a annual coupon of 4,50%.
The CDP informs that the orders exceeded the amount offered, thus allowing the coupon to be fixed at the low end of the range communicated to the market.
The financial resources deriving from the issue will be used for finance (either directly or through Chinese branches of Italian banks or through Chinese banks) the growth of Italian companies established in Chinato support its growth.
The operation is part of the emissions plan "2019 Renminbi Bonds of Cassa depositi e prestiti”, of the maximum amount of 5 billion Renminbi, authorized by the People's Bank of China.
Titles have a rating onshore equal to AAA, assigned by the Chinese agency China Chengxin International Credit Rating Co. and equal to the rating of CDP.
Bank of China acted as Lead Underwriter and Lead Bookrunner of the transaction, while China Development Bank, Goldman Sachs Gao Hua Securities Company Limited, HSBC Bank (China), ICBC and JPMorgan Chase Bank (China) acted as Joint Lead Underwriters and Joint Bookrunners.
