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CDP: successfully placed inaugural US dollar bond issuance totalling 1 billion

Demand for CDP’s ‘Yankee Bond’ was almost 4 times oversubscribed, with more than 120 investors involved
Significant interest from foreign investors, of which 45% from the US
The transaction allows the Group to strengthen its export support activities for Italian businesses

Rome, 28 April 2023 - Cassa Depositi e Prestiti S.p.A. (CDP) makes its debut in the US capital markets by issuing its first dollar-denominated bond, ‘Yankee Bond’, totalling USD 1 billion.

CDP's first Yankee Bond attracted significant interest from financial markets: demand, equal to about 3.8 billion, was almost 4 times oversubscribed, with orders received from more than 120 investors. The US-dollar denominated issue attracted significant interest from US investors for over 45%, with an overall presence of foreign investors accounting for more than 76%. The instrument, exclusively for institutional investors located both in and outside the US, has an annual gross coupon of 5.750% and matures in 3 years.

The transaction allows CDP to further diversify its funding instruments and strengthen its export support activities for Italian businesses. The debut issue in US dollars marks CDP's first venture into the US bond market, consistent with its strategy of attracting foreign capital and broadening its investor base.

The bonds are expected to be rated BBB by S&P and BBB by Fitch.

The transaction involved a syndicate of banks, with the following serving as Joint Bookrunners: BNP Paribas, BofA Securities, Citi, Goldman Sachs International, HSBC, IMI – Intesa Sanpaolo, J.P. Morgan, Morgan Stanley and Société Générale.

Citi and J.P. Morgan also acted as Global Coordinators for the transaction.