(Finance) – Cassa Depositi e Prestiti (CDP) today successfully concluded a bond issue, with a nominal value of 500 million euros, at fixed ratenot subordinated and reserved for institutional investors.
The bond has a duration of 7 years (expiring in October 2030) and provides an annual coupon of 4.75%. The security was issued as part of the Debt Issuance Program (DIP), CDP’s medium-long term issuance program amounting to 15 billion euros, listed on Euronext Dublin and intended for institutional investors.
With this operation, CDP consolidates its presence on the capital markets and confirms its ability to attract institutional investors. There request, of over 1.9 billion euros, was in fact equal to approximately four times the offer, with orders coming from approximately 70 investors. The operation aroused particular interest on both the domestic and foreign markets: 57% of the total amount of the placement was allocated to the latter.
The proceeds deriving from this new issue will be used by Cassa Depositi e Prestiti to continue its activity in support of the country’s development.
The rating in the medium-long term of the securities, for which an application has been made for admission to trading on the Dublin Stock Exchange, is expected to be BBB for S&P, BBB for Fitch and BBB+ for Scope.
Banca Akros – Gruppo Banco BPM, BNP Paribas, Citi, Intesa Sanpaolo (IMI CIB Division), Nomura, Santander, UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.