CDP: new 750-million-euro Sustainability Bond
Press release

CDP: new 750-million-euro Sustainability Bond

  • Orders for around 1.3 billion euro, with strong international participation: 68% subscribed by foreign investors
  • The proceeds from the issue are intended to finance green and social initiatives, including energy efficiency and renewable energy projects
  • Rising to 8 the number of ESG issuances placed by CDP since 2017, for a total of 5.5 billion euro, confirming CDP’s commitment into sustainable finance


Rome, 12 September 2022 - Cassa Depositi e Prestiti Spa (CDP) returns to the capital market, launching a new Sustainability Bond, aimed at institutional investors, for a total amount of 750 million euro.

This brings the number of ESG bond issues placed since 2017 to 8, for a total of 5.5 billion euro, confirming the strategic role CDP plays in the field of sustainable finance.

The proceeds from the new issue, which is part of CDP’s Green, Social and Sustainability Bond Framework, will be dedicated to green and social initiatives, including, for the first time in this type of instrument, energy efficiency and renewable forms of energy, in addition to water efficiency, social infrastructure and international cooperation.

The initiatives selected for the purposes of the issue, in accordance with the provisions of the CDP 2022-2024 Strategic Plan, are in line with the intervention priorities identified by the Sectoral Strategic Guidelines relating to Energy Transition, Social Infrastructure and the Protection and Safeguarding of the Territory. The operation is also in line with the United Nations Sustainable Development Goals, with particular reference to SDGs 7, 8 and 13 (“Affordable and Clean Energy”, “Decent Work and Economic Growth” and “Climate Action”, respectively).

The new Sustainability Bond – issued under the Debt Issuance Programme (DIP), CDP’s medium-long term issuance programme totalling 15 billion euro – has a nominal value of 750 million euro, is unsubordinated and unsecured with an annual gross coupon of 3.50% and a maturity of 5 years.

Demonstrating the strong interest on the part of the financial markets for CDP’s sustainable bond issues, the transaction has registered orders of over 1.3 billion euro and has been welcomed by almost 70 investors, with significant foreign participation (68%) and a presence of ESG investors equal to 70%.

The issue confirms the importance of the approach adopted by CDP towards a more sustainable and inclusive growth model.

The Director of Finance, Control and Administration of CDP, Fabio Massoli, had this to say: "The issuance of this Sustainability Bond strengthens CDP’s commitment on the sustainable finance front and will contribute to raising new resources, both national and international, primarily to boost energy and water efficiency and renewable energies for the benefit of the Italian economy. The demand from institutional investors, in light of the particularly complex context, was significant and represents an injection of confidence from the market towards CDP and its role in supporting the sustainable development of Italy".

The medium/long-term rating of the securities, whose admission to trading on the Dublin Stock Exchange has been applied for, is expected to be BBB for S&P, BBB for Fitch and BBB+ for Scope.

BNP Paribas, Banca Akros - Banco BPM Group, Barclays, HSBC, Intesa Sanpaolo - IMI CIB, Santander, Societe Generale and UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.

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