Cassa Depositi e Prestiti (Cdp) returns to the US bond market with its third Yankee Bond, And USEFULL They tell of an unprecedented participation. The issue, of the value of 1,5 billions of dollars and addressed to and to investors institutional in the United States and abroad, expires on October 1, 2030 and provides for a gross annual coupon of 4,375%Total orders have exceeded 19 billion of dollars, nearly 13 times the initial offering, from over 250 investors, with an expected rating of BBB+ from S&P and BBB from Fitch.
The result marks an increase compared to the previous record of 2024, when Cdp had placed the according to Yankee Bond from 1,5 billion, raising orders for almost 10 billion – seven times the offering – with 80% of the subscriptions coming from foreign investors.
CDP sees booming demand for its third dollar bond, with 39% coming from the US.
Even in this issue, the international participation it was significant and diversified: over 85% of orders came from abroad, distributed in more than 23 countries, including United States (39%), Kingdom Unito (17%), northern Europe (12%) and Middle East (10%). The quality of demand was high, with over 98% of orders coming from long-term institutional investors, including banks, pension funds, insurance companies, and asset managers.
I proceeds The funds raised will be used, among other purposes, to support the exports of Italian companies, including through export finance instruments.
The operation was carried out by a bank union, with BofA Securities, Citigroup, Crédit Agricole CIB, Goldman Sachs International, HSBC, Intesa Sanpaolo (IMI CIB Division), JP Morgan and Morgan Stanley – the latter also in the role of Sole Global Coordinator – as the main interlocutors.
