Cassa Depositi e Prestiti makes it known that he has "successfully concluded" the use of the funds deriving from the "Panda Bond” (one billion renminbi – around 127 million euros – intended to finance Italian companies in China) and which could initiate “the structuring of a potential second issue” of this type of bond.
The latest company to benefit from Panda Bonds was Danieli, active in the sector of machinery and plants for the iron and steel industry, which received a loan of over 94 million renminbi, equal to approximately 12 million euro.
The placement of Panda Bond had concluded in August 2019. CDP was "the first Italian issuer, as well as the first European National Promotional Institute, to carry out a bond issue in China in local currency aimed at supporting Italian companies already active or interested in operating on the Chinese market", recalls the Cassa in a Note.
The Panda Bond collection “was employed 77% in direct mode, through the signing of eight bilateral loan agreements with excellent Italian companies operating on the Chinese market - continues the note - and 23% indirectly through the Shanghai branch of Banca Monte dei Paschi di Siena, intended to support small-value transactions in favor of SMEs and companies that currently cannot benefit from CDP direct loans". The Panda Bonds have therefore allowed Italian companies to obtain supplies in local currency in the medium-long term.
“Thanks to the launch of the first Panda Bond on the Chinese market and the possible launch of new direct and indirect operations in local currency – explains Paul Calcagnini, deputy general manager of Cassa – CDP has further strengthened his support for the expansion of Italian companies operating abroad, facilitating access to medium-long term credit for Chinese subsidiaries of Italian companies, including medium and small ones, and favoring its consolidation and growth on international markets”.
