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CDP launched its first Social Bond under the "Debt Issuance Programme" (DIP)
CDP successfully closed its inaugural € 500 million Social Bond, issued under the Debt Issuance Program (DIP), with demand strongly outstripping supply.
It is the first "Social Bond" launched in the international capital market by an Italian issuer, dedicated to support SMEs located in economically deprived areas or hit by natural disasters.
The transaction followed a pan-European roadshow touching Amsterdam, London, Paris, and Milan, organized to introduce CDP’s newly-established Social Bond Framework and provide a credit update.
The issue, for institutional investors, has a nominal value of € 500 million, at fixed rate, senior unsecured, with a tenor of 5 years (maturity date November 2022), an annual coupon of 0.75% and a re-offer price of 99.839%.
The issue is consistent with the CDP Social Bond Framework, in line with the Social Bond Principles released by the International Capital Market Association in June 2017, and inspired by the UN Sustainable Development Goals.
On the transaction, CDP obtained a Second Party Opinion provided by Vigeo Eiris.
The transaction is part of a broader strategy of CDP’s approach to sustainability, diversification of investor base and stabilisation of funding sources.
The success of the transaction, with a significant presence of foreign and socially responsible investors (SRI) in the order’s book, shows continued market confidence in CDP’s initiatives, including its ESG commitment.