Hogan Lovells advises Intesa Sanpaolo on €1.5bn Cassa di Risparmio di Bolzano’s Euro Commercial Paper Programme

Commercial papers are a short-term financing instrument already widely used abroad and now accessible also to Italian banks following the recent changes introduced by the so-called "Decreto Rilancio" (Italian Law Decree 34/2020, converted with amendments into Italian Law 77/2020).

The programme has been established in accordance with the criteria and requirements set out in the Market Convention on Short-Term European Paper (STEP) and has received the relevant certificate of compliance (STEP Label). In addition, the commercial papers will be issued in dematerialised form and cleared with Monte Titoli S.p.A. and the programme has been admitted to trading on ExtraMOT PRO, the Professional Segment of the ExtraMOT Market, a multilateral trading system operated by Borsa Italiana S.p.A..

The Hogan Lovells team was led by Corporate and Finance partner Corrado Fiscale with support from associate Diego Guardì and trainee Pietro Castoldi. Senior associate Maria Cristina Conte provided assistance on the tax aspects of the transaction.