CDP is active on financial markets through a medium-to-long-term bond issuance programme (Debt Issuance Programme) and a short-term Commercial Paper Programme, reserved to institutional investors. Since 2023 CDP is also active on the US market with a Yankee Bond issuance. Furthermore, CDP offers bond issuances for retail investors resident in Italy.
In 2014 CDP launched the “Multi-Currency Commercial Paper Programme”, denominated in Euro and other currencies, which constitutes a key short-term funding instrument for CDP.
From the last update in March 2023, the Programme envisage the ESG Label to each issuance, in connection with the maintenance of an ESG Rating assigned to CDP (please refer to the Information Memorandum).
The Programme enables funding on money market maturities, up to a total amount of 6 billion euros. It is governed by the Italian Law No.43 of 13/01/1994, “Disciplina delle Cambiali Finanziarie” (as amended by Law No.134 of 07/08/2012) and complies with the requirements established in the S.T.E.P. Market Convention. Additionally, the Programme has obtained the S.T.E.P. Label by the S.T.E.P. Secretariat.
The Programme is rated by S&P Global Ratings Europe Limited (S&P), Fitch Ratings Ireland Limited Sede Secondaria Italiana (Fitch), and Scope Ratings GmbH (Scope).
Individual series of Commercial Papers may be listed on the ExtraMOT PRO segment of the Italian Stock Exchange.
Information Memorandum 22-03-2023