International law firm Hogan Lovells has advised Cassa Depositi e Prestiti S.p.A. (CDP) on the issuance of CDP’s new “Social Bond”. Its proceeds will be reserved for Italian companies investing in research, development and innovation and for those hit hardest by Covid-19, with the aim of supporting their future growth and employment.
The new “CDP Social Bond 2020” has been issued under CDP’s Debt Issuance Programme (DIP) for a nominal value of EUR 750 million. The fixed-rate bonds have an 8-year maturity with a 1% gross annual coupon. The issuance has been welcomed by over 180 investors, with the highest share being foreign investors, equal to 76%, taking into account ESG’s and CDP’s issuances. The medium-long term rating of the bonds, which have been listed on the Luxembourg Stock Exchange, is BBB (negative) for S&P, BBB- (stable) for Fitch and BBB+ (negative) for Scope.
Barclays, Crédit Agricole CIB, HSBC, Intesa Sanpaolo, JP Morgan, Mediobanca and UniCredit acted as Joint Lead Managers and Joint Bookrunners of the transaction.
The Hogan Lovells’ team advising CDP includes partner Corrado Fiscale, counsel Annalisa Feliciani and associates Matteo Scuriatti and Alessandro Azzolini. Senior associate Maria Cristina Conte advised on tax issues.
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