Issue of Cassa Depositi e Prestiti bonds. Cdp: 1.5 billion placement GUIDE


By John

The new ones are arriving Cassa Depositi e Prestiti bonds for the retail market. The 1.5 billion placement will start from Tuesday 7 November until 27 November, except in the case of early closure, and will be traded on the Mercato Telematico delle Obligazioni (MOT) of the Italian Stock Exchange. The bonds, which are not subordinated and not guaranteed by the State, will have a duration of six years and will be intended only for natural persons resident in Italy, explains Cdp, specifying that the minimum investment is 1,000 euros.


A mixed remuneration is provided for subscribers: a fixed rate of 5% for the first three years and variable for the following three, equal to the three-month Euribor increased by at least 0.90% per year.

A preferential rate of 12.50% will be applied to the bonds, maturing in 2029 and traded on the regulated market of the Italian Stock Exchange. The securities can be subscribed at a network of 24 banks.

Intesa Sanpaolo and Unicredit will act in the role of placement managers and coordinators of the offer. This is the third retail bond loan in the history of Cdp and “the proceeds will allow further resources to be allocated to support businesses, territory and infrastructure with the aim, in line with the 2022 -2024 strategic plan, of concretely contributing to the growth of the country”, underlines Cdp.

The new issue, reserved for retail customers, comes after other issues aimed at institutional investors, including CDP’s first Green Bond and the debut on the American capital market, with the first dollar bond issue, CDP points out.

The Cassa was assigned the following medium-long term ratings, in line with those of the Italian Republic: Baa3 by Moody’s, BBB by S&P, BBB by Fitch and BBB+ by Scope. For S&P the rating of the bonds is BBB.