(Tiper Stock Exchange) – Cassa Depositi e Prestiti (CDP) returns to the ESG issues market by successfully launching its first Green bond issue, for a total amount of 500 million euro, with 6-year maturity and reserved for institutional investors.
The Green Bond has registered a strong interest from the financial markets: demand, equal to over 2.6 billion euros, was in fact 5 times higher than the offer with orders from more than 130 investors. Participation from abroad was significant and equal to 80%, with a strong presence of ESG investors.
This issue confirms CDP’s primary role as an issuer in the field of sustainable finance and further expands the ESG funding tools offered to the market, following the eight issues already launched since 2017 in Social and Sustainability format under the “CDP Green, Social and Sustainability Bond Framework”. With today’s one, in fact, the number of ESG issues placed on the market in the last six years rises to nine, for a total of six billion euros.
With this operation, CDP is also accelerating its commitment to sustainability: the proceeds will in fact be used to support green initiatives with positive impacts in environmental terms. In particular, CDP will allocate the proceeds of this Green Bond to loans mainly aimed at infrastructure investments in the sectors of renewable energy, energy and water efficiency and sustainable mobility. The bond has obtained a ‘Second Party Opinion’ from the ISS Corporate Solutions agency, which provides issuers of sustainable bonds with an independent assessment of the compliance with social and environmental requirements of their bonds.
The initiatives eligible for issuance purposes are in line with CDP’s intervention priorities, identified in the 2022-2024 Strategic Plan and subsequently set out in the Sectoral Strategic Guidelines, relating to Energy Transition, Safeguarding the Territory and Water Resources, and to Transport and Logistics Nodes. The transaction is also in line with the United Nations Sustainable Development Goals (SDGs)with particular reference to the objectives “Clean water and sanitation”, “Clean and accessible energy”, “Sustainable cities and communities”, “Fight against climate change”.
The Green Bond – issued pursuant to the Debt Issuance Program (DIP), CDP’s medium/long-term issuance program for an amount of 15 billion euro reserved for institutional investors – has a nominal value of 500 million euro, a gross annual coupon of 3.875% and maturing in February 2029.
The medium-long term rating of the securities, for which a request for admission to trading on the Dublin Stock Exchange has been made, is expected to be BBB for S&P, BBB for Fitch and BBB+ for Scope.
BofA Securities, Crédit Agricole CIB, Goldman Sachs International, Intesa Sanpaolo (IMI CIB Division), Mediobanca, MPS Capital Services, UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.