in postal funding
for the 2024 Social Bond
ESG bond issues since 2017
The figures refer to the latest Annual Financial Statements.
The resources we use to pursue our mission derive from three main sources of funding: postal funding, funds from bonds and other funding.
The primary source of funding for our Group, postal savings are the second most widespread form of savings in Italy and a product guaranteed by the Italian Republic which, in addition to its economic value, embodies a high ethical value. Through postal bonds and passbook, we finance the development projects of institutions, companies and individuals, promoting the growth of the national economy, well-being and resources.
Confirming our commitment to climate action and to inclusive, sustainable growth, we have issued the 'Sustainable Postal Savings Bond'. This product is, for the first time, inspired by ESG principles: in addition to a fixed return, it provides a possible premium based on the performance of the STOXX Europe 600 ESG-X index.
CDP operates in financial markets through medium and long-term bond issuance programmes and short-term commercial paper placements aimed at institutional investors, as well as a bond issuance programme reserved for retail savers resident in Italy.
We have established ourselves as a leading sustainable issuer through products such as Social Bonds and Sustainability Bonds, and since 2023 also Green Bonds, aimed at supporting initiatives with positive economic, social and environmental impacts, for example in energy and water efficiency, renewable energy, social infrastructure and the international growth of Italian enterprises. In 2022 we launched an innovative funding instrument, unique in Europe: the Sustainability-Linked Repo. The instrument links the financial terms of the transaction with the achievement of sustainability objectives measured against specific environmental, social and governance performance indicators assessed by specialised ESG rating agencies.
In line with a transition that is not only green but also digital, we also issued our first €25 million Digital Bond on blockchain as part of a broader ECB trial, the first of its kind in Italy. The bond was issued using distributed ledger technology (DLT).
We continue to issue our Social Bonds in support of enterprises (mainly in Southern Italy), to foster local growth and social cohesion. These bond issues confirm CDP as a leader in sustainable finance and the main Italian issuer of social bonds.