Press release

CDP successfully concludes €1.5 billion retail bond issue. Demand €4 billion, four times initial offer. Around 70 thousands subscribed to issue

NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION WHERE SUCH AN ANNOUNCEMENT WOULD BE UNLAWFUL

This press release does not constitute an offer or a solicitation to subscribe or purchase the securities in the United States, Canada, Australia, Japan or any other jurisdiction where such an offer is not permitted without authorization of the local authorities.

Rome, 18 March 2015

The public offer of CDP’s first bond issue targeted at Italian retail investors was successfully concluded on 13 March 2015, in advance of the original closing date.

After just five days following the start of the offer period, CDP, in consultation with the lead underwriters, decided to increase the initial amount offered of €1 billion to the maximum total nominal amount authorized of €1.5 billion. The offer period also closed early, ahead of the originally scheduled date of 27 March 2015.

A total nominal amount of €1.5 billion in bonds will be issued, divided into 1,500,000 bonds with a nominal value of €1,000 each.

The value of the requests totaled about 4 billion euros, four times the original offer, from almost 70 thousand retail investors. To each will be assigned the minimum amount, equal to 1000 euros. For requests in excess of the minimum amount, each subscriber will proceed – as required by the Final Terms of the Offer – to a proportional allocation, averaging about 40%.

The bonds involved in the offer, which bear a mixed interest rate, pay interest at a fixed rate for the first two years and at a floating rate for the subsequent five years. During the fixed-rate period, the bondholders will be entitled to interest paid quarterly in arrears at a gross annual fixed rate of 1.75% of the nominal unit value of the bonds. During the floating-rate period, the bondholders will be entitled to interest paid quarterly in arrears at a gross floating rate of 3-month EURIBOR plus a spread of 0.50%.

"The success of the bond sale is evidence of the trust retail investors have in the Cassa depositi e prestiti,” said CEO Giovanni Gorno Tempini. “For Italians, this also represents an occasion to contribute to the growth of their country, giving CDP a new financing source to support work that is increasingly more important for the economy.”    

The date of issue, rights entitlement and settlement is 20 March 2015. The bonds will mature on 20 March 2022.

The bonds will be traded on the Mercato Telematico delle Obbligazioni (MOT) starting from 20 March 2015.

Banca IMI, BNP Paribas (London branch) and UniCredit Bank AG (Milan branch) acted as lead underwriters of the placement.

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