Unprecedented demand in CDP’s euro-denominated bond market, with orders amounting to more than 8 times the offer from over 110 investors
A clear sign of the continued and strong trust shown by international investors (over 70%) in both the Italian system and Cassa Depositi e Prestiti
The fixed-rate bond has a 10-year maturity and carries a 3.50% coupon
Rome, 20 October 2025 – Cassa Depositi e Prestiti (CDP) has successfully returned to the market, placing a new bond issuance with a nominal value of 750 million euro, reserved for institutional investors.
The transaction attracted significant market interest, with orders reaching 6.3 billion euro - more than 8 times the offer - from over 110 investors. This represents the highest demand ever recorded by CDP for a euro-denominated bond targeted at institutional investors, surpassing the previous record set in February 2025. The result confirms investors’ continued and strong confidence in the solidity of both the Italian system and Cassa Depositi e Prestiti.
In line with the objectives of the 2025-2027 Strategic Plan, aimed at strengthening capital market funding while diversifying and expanding the investor base, the issuance saw remarkable participation from foreign investors, accounting for over 70% of the final allocation. Among these, France and the United Kingdom stood out with 18% and 17% respectively, followed by Portugal and Spain with 14%, and Germany and Switzerland with 13%.
The bond was issued under CDP’s Debt Issuance Programme (DIP), the 15-billion-euro medium-to-long-term issuance programme, listed on Borsa Italiana and dedicated to institutional investors. The proceeds will be used to further support CDP’s mission to foster the country’s sustainable development.
The bond has a ten-year maturity (maturing in October 2035) and carries a fixed annual gross coupon of 3.50%. The expected issuance rating is BBB+ from S&P, BBB+ from Fitch, and BBB+ from Scope.
BNP Paribas, Citi, IMI-Intesa Sanpaolo, J.P. Morgan, MPS, Société Générale, and UniCredit acted as Joint Bookrunners for the transaction.