Demand oversubscribed by over 6 times, with foreign investors accounting for more than 85% of the final allocation Proceeds are intended to finance social impact investments, primarily aimed at supporting Italian Small and Medium-sized Enterprises (SMEs) With twelve ESG bond issuances placed since 2017, CDP further strengthens its role as a leading issuer in sustainable finance Rome, 9 February 2026 – Cassa Depositi e Prestiti (CDP) returns to the ESG bond market, launching a new Social Bond with a nominal value of 750 million euro and an 8-year maturity, reserved for institutional investors. The transaction attracted orders from the market surpassing 4.6 billion euro (more than six times the offer), from over 110 investors. The issuance was widely placed among international investors, accounting for more than 85% of the final allocation, notably from France (26%), United Kingdom (21%), BeNeLux (13%), Germany/Austria (6%), Middle East (5%). In addition, strong interest was recorded from Official European Institutions, alongside a significant presence of ESG-oriented investors1 . With this new transaction, CDP further confirms its role as a reference issuer in sustainable finance, bringing to twelve the total number of ESG bond issuances placed since 2017, for an aggregate amount of 8 billion euro. Manuela Carra, Head of Finance of CDP, commented: “In a volatile geopolitical environment, the strong interest recorded for this issuance confirms Cassa Depositi e Prestiti’s ability to consistently and successfully access the capital markets. The broad participation and the high quality of the investor base reflect full confidence in the robustness of CDP’s financial profile and in the credibility of its long-term strategy. Against a rapidly evolving sustainability landscape, with today’s Social Bond, CDP continues to pursue its ESG journey with determination, further strengthening its role as a benchmark in sustainable finance and reaffirming its strong commitment to supporting the growth of SMEs”. The proceeds will be dedicated to finance projects falling within the Eligible Social Categories set out in CDP’s “Green, Social and Sustainability Bond Framework”. In particular, funds will be allocated, by way of example, to projects including the financing of Italian Small and Medium-sized Enterprises (SMEs), with the aim of fostering their socio-economic growth and strengthening their competitiveness. Particular emphasis will be placed on SMEs located in economically disadvantaged areas of the Country or requiring support in the development and enhancement of their ESG initiatives. The issuance is aligned with CDP’s commitments towards the achievement of the United Nations Sustainable Development Goals (SDGs). The new bond – issued under the Debt Issuance Programme (DIP), CDP’s euro 15 billion medium-long-term issuance programme reserved for institutional investors – has a nominal value of 750 million euro, with an annual gross coupon of 3.375% and maturity in February 2034. The medium/long-term rating of the notes is expected to be BBB+ for S&P, BBB+ for Fitch and BBB+ for Scope. BBVA, BofA Securities, Crédit Agricole CIB, Intesa Sanpaolo (IMI CIB Division), Morgan Stanley, Natixis and UniCredit acted as Joint Lead Managers and Joint Bookrunners for the transaction.
1Investors with funds or portfolios dedicated to sustainable bond investments (Green, Social, or Sustainability Bonds) and/or with a mandate to integrate Environmental, Social, and Governance (ESG) principles into their investment decisions.