CDP: 1 billion Renminbi “Panda Bond” inaugural issue closed successfully

The resources collected will be aimed at supporting the growth of Italian companies in China

Rome, 31 July 2019 – Cassa Depositi e Prestiti S.p.A (CDP) successfully closed today its first bond issue addressed to institutional investors operating in the China Interbank Bond Market, for a nominal amount of 1 billion Renminbi (equal to approximately to 130 million euro), fixed rate, unsubordinated and unsecured.

The issue, part of the issuance plan “2019 Renmimbi Bonds of Cassa depositi e prestiti S.p.A.” authorised by the People’s Bank of China, has a duration of 3 years (maturity August 2022), with an annual coupon of 4.50% and a price of 100%.

In consideration of the orders received, higher than the amount offered, the final coupon has been fixed at the low end of the range communicated to the market.

The notes have an on-shore rating equal to AAA, assigned by China Chengxin International Credit Rating Co., Ltd. (CCXI), in line with the rating assigned to CDP.

Bank of China acted as Lead Underwriter e Lead Bookrunner for the transaction, while China Development Bank, Goldman Sachs Gao Hua Securities Company Limited, HSBC Bank (China), ICBC and JPMorgan Chase Bank (China) acted as Joint Lead Underwriters and Joint Bookrunners.

The financial resources deriving from the issue will be used to finance - directly, through Chinese branches of Italian banks or through Chinese banks - branches or subsidiaries of Italian companies established in China, supporting their growth.