Cassa Depositi e Prestiti and Unicredit have firsigned a memorandum of understanding which provides for the start of a collaboration aimed at supporting Italian companies. The two companies communicate this in a joint note.
According to what was foreseen, the CDP granted the bank led by Jean Pierre Mustier a 1 billion euro loan, through the subscription of a senior unsecured bond loan, which the institute will use to provide loans to SMEs and Mid Caps operating in the tourism, consumer goods and mechanical sectors. “A share, equal to 25%, will be destined to companies in the South”, specifies the note.
Each loan may reach a maximum of 20 million euros, while the maturity will be equal to or greater than 24 months.
The protocol also provides for other operational areas “In particular – reads the press release – the partnership intends develop alternative finance instruments such as the so-called "basket bonds", securitization transactions of mini-bonds specifically issued by SMEs and Mid-Cap companies, in relation to which CDP and UniCredit would act as main investors, thus attracting additional private capital".
Also expected to start direct co-financing operations aimed at supporting growth projects of medium-sized Italian companies active in the sectors of research, innovation, enhancement of cultural heritage, the environment and energy.
"Thanks to the collaboration with Unicredit we can facilitate access to credit for Italian companies, which in the context of the crisis deriving from the Covid-19 emergency need to boost productivity and competitiveness even beyond national borders" - he declared Fabrizio Palermo, Chief Executive Officer of Cdp – Furthermore, through the use of innovative financial instruments, we will be able to channel huge resources to small and medium-sized enterprises, with particular attention to the South, to activate a virtuous process of growth and development.”
“The agreement with CDP and the new dedicated funding allow us to further enhance the support we provide to Italian companies, in particular SMEs and mid-caps, expanding the range of solutions useful for ensuring liquidity, optimizing working capital and recovering investments,” he commented Jean Pierre Mustier, CEO of UniCredit.
