CDP successfully places new Social Bond: objectives and uses

Cassa Depositi e Prestiti has returned to the market ESG emissions successfully placing a new social issue for a nominal amount equal to 750 million eurosreserved for institutional investors, a gross annual coupon of 3.625% e expires January 2030. The operation recorded total requests of up to 2.5 billion euros, received from over 100 investors.

The final allocation saw the participation of 29% Italian investors and 71% foreign investors, in particular France (38%), Germany/Austria/Switzerland (10%), United Kingdom (9%), Middle East (7%), Spain and Portugal (3%), and a presence of ESG investors equal to approximately 65% ​​of the allocated amount.

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The new social bond follows the inaugural green bond issued in 2023 and the previous eight sustainable bonds issued since 2017 in Social and Sustainability format. The operation is carried out under the “CDP Green, Social and Sustainability Bond Framework”updated December 2023.

This update mainly concerned the revision of the Eligible Categories and related Eligibility Criteria in order to reflect CDP’s new strategy and the most recent developments in sustainable finance. The Framework obtained a Second Party Opinion (SPO) from ISS-Corporate, confirming the alignment with the ICMA Principles and the robustness of the Eligibility Criteria.

How the resources will be used

THE proceeds of this new bond will be used to support financing falling within the Eligible Social Categories provided by the CDP Framework. In particular, the funds will be used, for example, to finance projects for public educationaimed at strengthening educational infrastructures throughout the national territory, to support the healthcare sectoras well as to SME financing, with the aim of supporting its growth, competitiveness and employment levels. The issuance is in line with CDP’s commitments to the sustainable development goals promoted by the United Nations.

CDP’s commitment

CDP therefore strengthens its own commitment to sustainable financeas well as attention to social cohesion, and confirms itself among the main European players in the ESG bond market with social purposes.

The medium-long term rating of the securities, for which an application has been made for admission to trading on the Dublin Stock Exchange, is expected equal to BBB for S&P, BBB for Fitch and BBB+ for Scope.

Barclays, Crédit Agricole CIB, Intesa Sanpaolo (IMI CIB Division), Mediobanca, Morgan Stanley, Natixis, UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.