Cassa Depositi e Prestiti strengthens its leadership in innovation with a new Green Bond issuance that introduces blockchain technology to ensure greater transparency and traceability
It is CDP’s first bond reserved for institutional investors listed exclusively on Borsa Italiana's Electronic Bond Market (MOT)
The issuance was 5 times oversubscribed, with foreign participation at 73%
Rome, 10 June 2025 – Cassa Depositi e Prestiti (CDP) returns to the ESG bond market with the successful issuance of its second Green Bond, amounting to 500 million euro and maturing in 8 years, reserved for institutional investors.
The transaction attracted strong interest from the market, with orders totalling around 2.5 billion euro (5 times the offer) from over 100 investors. International participation was significant, accounting for 73% of the final allocation, mainly from France (25%), BeNeLux (15%), United Kingdom (14%), Germany/Austria/Switzerland (9%). Specifically, significant interest has been recorded from Official European Institutions, along with a strong presence of investors focused on ESG criteria.1
This issuance marks a major step forward for CDP in promoting technological innovation, particularly in the field of sustainable finance: blockchain technology will be used to tokenise2 the reporting process, providing investors with an additional method to verify the allocation of proceeds and their impact. This will ensure greater transparency, integrity, and reliability of the information provided. In doing so, CDP aims to reinforce market participants' confidence in sustainable investment decisions, supporting them in meeting ESG reporting objectives.
Proceeds from the bond will be allocated to initiatives with positive environmental impacts, including infrastructure investments in renewable energy and sustainable mobility, as well as support for companies focused on energy efficiency and the circular economy.
The issuance represents CDP’s first bond reserved for institutional investors listed exclusively on Borsa Italiana's Electronic Bond Market (MOT). The bond was, in fact, issued under CDP's Debt Issuance Programme (DIP) , a 15 billion euro programme for medium-to-long-term issuances dedicated to institutional investors, approved by CONSOB on 7 May and admitted to trading on the Italian Stock Exchange. It also represents the first green issuance under CDP's new “ Green, Social and Sustainability Bond Framework” , updated in December 2023, in line with the Green Bond Principles of the International Capital Market Association (ICMA).
CDP thus reaffirms its leading role in sustainable finance, bringing the total number of ESG issuances since 2017 to eleven, with an overall value of 7.25 billion euro.
This transaction reinforces CDP's commitment to achieving the priorities outlined in the new 2025-2027 Strategic Plan, particularly towards Just Transition, by supporting infrastructure development for the energy transition and circular economy, and promoting climate change adaptation and mitigation measures, as well as Competitiveness, by strengthening the ecosystem of Italian companies, infrastructures, and public administrations, and fostering their access to finance, growth, and technological innovation.
The bond carries a fixed gross annual coupon of 3.25% and matures in June 2033. The expected medium-long term ratings are BBB+ for S&P, BBB for Fitch, and BBB+ for Scope.
Banca Akros, BofA Securities, BNP Paribas, Intesa Sanpaolo (IMI CIB Division), Santander Corporate & Investment Banking, UniCredit acted as Joint Lead Managers and Joint Bookrunners for the transaction.
1Investors with funds or portfolios dedicated to investing in sustainable bonds (Green, Social, or Sustainability) and/or with a mandate to integrate Environmental, Social, and Governance (ESG) principles into their investment decisions.
2To digitally represent an object (e.g., an asset, service, or right) on a blockchain.