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Cassa depositi e prestiti Spa (CDP) successfully closed today a fixed rate note issue, unsubordinated and unsecured, for a nominal amount of euro 750 million.
The Notes – issued under CDP Euro Medium Term Note Programme listed on the Luxembourg Stock Exchange and addressed to institutional investors – have a 10 year maturity (maturity date 9 April 2025), with a fixed annual coupon of 1,50%. The re-offer price is 99.889%.
With this 10 year benchmark transaction, following those during 2014 in the 3, 5 and 7 year, CDP has successfully completed its offer on the yield curve for institutional investors.
The net proceeds from this issue will be used by CDP to finance the investments of the so-called “Ordinary Account” (such as the financing of works of public interest and of investments in the sectors of research, development, innovation and environment).
The Notes, which will be listed on the Luxembourg Stock Exchange, have been rated BBB+ by Fitch, Baa2 by Moody’s and BBB- by Standard & Poor’s.
Orders have been received from more than 140 investors for an amount totalling around euro 2,000 million.
80% of the notes was allocated to insurance companies and mutual fund and the remaining 20% to banks and other investors. As for the geographical distribution, 50% was allocated in Italy and 50% abroad. Specifically: 20% in France, over 10% in Germany, 7% in England, 3% in Ireland and the remaining 10% in other countries.
Barclays, Mediobanca, Société Générale Corporate & Investment Banking and UniCredit acted as Joint Lead Managers and Joint Bookrunners for the transaction.