Media: Press Releases | 25 March 2019

Hogan Lovells assisted Cdp on the issue of the first Italian "Social Bond"

Hogan Lovells advised Cassa depositi e prestiti S.p.A. (Cdp) on the issue of a new "Social Bond" for a nominal amount of €750 million, reserved to institutional investors.

The proceeds arising from the issue of the Social Bond will allow Cdp, in accordance with the provisions of Cdp's new “Green, Social and Sustainability Framework,” to fund financing of school buildings and urban redevelopment initiatives, with particular focus on the safety of buildings and local communities, thus contributing to the achievement of the United Nations' Sustainable Development Goals (no. 4. "Quality Education" and no. 11. "Sustainable Cities and Communities").

The notes, issued under Cdp’s medium-long term issuance programme (Debt Issuance Programme), will be listed on the Luxembourg Stock Exchange and will have a maturity of 7 years with an annual coupon of 2,125% and an issue price equal to 99,288%.

This issue was mainly addressed to the so-called "Social Responsible Investors" and requests have been received by more than 100 investors with a strong presence of foreign investors.

Banca Akros, Banca IMI, Barclays, Bank of America Merrill Lynch, Mediobanca, MPS Capital Services, Société Générale, UBI Banca, and UniCredit acted as Joint Lead Managers and Joint Bookrunners for this transaction.

The Hogan Lovells team assisting Cdp includes Corrado Fiscale (partner), Annalisa Feliciani (counsel), Matteo Scuriatti (associate), and Alessandro Azzolini (trainee), as well as Fulvia Astolfi (partner) and Maria Cristina Conte (senior associate) with respect to the tax matters.