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CDP successfully returns in the US market with a second dollar bond issuance totalling 1.5 billion

Unprecedented demand, almost 7 times oversubscribed, with orders for over 9.9 billion
Significant interest from foreign investors, at around 80% of the total
The transaction consolidates CDP’s presence on international markets

Rome, 24 April 2024 - Cassa Depositi e Prestiti S.p.A. (CDP) returns in the US capital markets one year after its debut, successfully launching its second dollar-denominated bond, ‘Yankee Bond’, targeted at institutional investors, totalling USD 1.5 billion.

The issuance has recorded unprecedented interest from financial markets in CDP’s history, with orders exceeding USD 9.9 billion, equal to an oversubscription of almost 7 times, from about 190 investors. Significant demand from international investors, amounting to almost 80% of the total allocation, with around 55% coming from the US.

The instrument, exclusively for institutional investors located both in and outside the US, has an annual gross coupon of 5.875% and matures in 5 years.

Through this transaction, CDP confirms its ability to attract foreign capital, consolidating its presence in international financial markets, in line with the strategy of diversifying its funding sources and broadening its investor base. The issuance enables the CDP Group at the same time to strengthen its activities in favour of Italian companies’ exports, also through the export finance channel.

The bonds are expected to be rated BBB by S&P and BBB by Fitch.

The transaction involved a syndicate of banks, with the following serving as Joint Bookrunners: BNP Paribas, BofA Securities, Citigroup, Goldman Sachs International, IMI-Intesa Sanpaolo, J.P. Morgan, Santander Corporate & Investment Banking, Société Générale Corporate & Investment Banking and UniCredit.

Goldman Sachs International and BofA Securities also acted as Global Coordinators for the transaction.