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CDP: successfully placed the fourth Yankee Bond amounting to USD 1 billion

Fourth dollar bond issuance confirming CDP’s established presence in the US capital markets
Significant geographical diversification: 90% coming from foreign investors, of which more than 50% from the United States

Rome, 23 September 2026 – Cassa Depositi e Prestiti S.p.A. (CDP) returns to the US capital markets and successfully launches its fourth Yankee Bond, with a USD 1 billion issuance reserved for institutional investors in the US and international markets.

The transaction attracted a very high-quality level of demand, driven by primary institutional investors. Orders reached around USD 2.4 billion – equal to 2.4 times the offer.

The issuance was also characterized by strong geographical diversification across the investor base, with 90% of the final allocation placed to international investors, notably over 50% from the United States, followed by Switzerland (13%), Middle East (10%),Nordics (5%), United Kingdom (4%) and Iberian Region (3%).

With this transaction, CDP further consolidates its position as a reference issuer in the international capital markets, while broadening its investor base and further diversifying its funding sources. The issuance will enable CDP to directly support Italian companies’ exports, including through export finance activities.

The bond carries a fixed annual gross coupon of 5.50% and has a 5 year maturity. The issuance expected rating is BBB+ from S&P and BBB+ from Fitch. 

The deal was arranged by a syndicate of banks acting as Joint Bookrunners BNP Paribas, BofA Securities, Citigroup, Goldman Sachs International, Intesa Sanpaolo (IMI-CIB Division), J.P. Morgan, Morgan Stanley and UniCredit. 

J.P. Morgan and Citigroup also acted as Global Coordinators for the transaction.