The issuance aims at supporting the implementation of new investments, including those for the development of supply chains, PNRR initiatives and the internationalisation goals of small (SME) and medium-sized (Mid-Cap) companies. In particular, the assets will allow SMEs and Mid-Caps, supported by Banca Popolare di Sondrio, to be able to meet their liquidity needs arising from the inflationary and international geopolitical situation.

Moreover, the beneficiary companies will be able to invest in the purchase of machinery, software and digital technologies as well as in new interventions on production structures to enhance their energy efficiency, which will also be achieved through the installation of facilities for the production of energy from renewable sources.

The initiative is also particularly strategic because it represents the first concrete collaboration between Cassa Depositi e Prestiti and Banca Popolare di Sondrio, two institutions with a highly innovative approach to Environmental, Social and Governance (ESG) issues, and offers a significant opportunity to support the Italian entrepreneurial sector by pursuing the goals of “decent work and economic growth” as part of the UN 2030 Agenda.

The bond has been documented under Banca Popolare di Sondrio’s EUR5 billion Euro Medium Term Notes Programme (EMTN). In this deal, UniCredit Bank AG acted as Dealer.

Allen & Overy advised Cassa Depositi e Prestiti, acting as investor, with a team led by counsel Alessandra Pala, together with partners Cristiano Tommasi and Craig Byrne and assisted by associate Alessandro Negri. Counsel Elia Ferdinando Clarizia assisted on the tax-related aspects.