CDP underwrites bond for investment in local train routes
Rome, July 1, 2016
There’s new hope for the difficult life of the commuter. The Italian state railway, Ferrovie dello Stato, has placed a 6-year 350 million euro “floating rate” bond to finance a new fleet. CDP is underwriting 150 million euros of the offer. The funds will be used to purchase of trains for regional transport and the medium and long-distance routes In short, new carriages for passengers, driving the most modern and navigation systems that will allow a better service to users.
The bonds carry a floating rate indexed to 'structure 6M Euribor plus a spread of 70 basis points and was issued under par with a comparable re-offer spread of 75 basis points.