Global Law firm Clifford Chance has advised Cassa Depositi e Prestiti in the issuance of its first Digital Bond on Blockchain.
The issue, which took place through Distributed Ledger Technology, has a nominal value of €25 million and a duration of four months and is the first one carried out in Italy pursuant to the ‘FinTech’ decree-law, which regulates the issuance and circulation of certain financial instruments in digital form. The transaction was fully underwritten by Intesa Sanpaolo as sole institutional investor and took place within the context of the participation of CDP and Intesa Sanpaolo in the trial launched by the European Central Bank (ECB) to identify new solutions for central bank money settlement of wholesale transactions for transactions carried out on DLT.
The multidisciplinary team was led by counsel Riccardo Coassin and comprised partners Lucio Bonavitacola and Gioacchino Foti and senior associate Francesco Napoli. Tax aspects were covered by partner Carlo Galli and counsel Sara Mancinelli.
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