Hogan Lovells advises CDP on an Italian retail bond with a nominal value of €1.5 billion

Hogan Lovells advised Cassa Depositi e Prestiti (CDP) on a domestic retail public offer, issue, and listing of a fixed-to-floating rate bond with a nominal value of €1.5 billion.

The initial offer period – from 10 to 21 June 2019 – closed early on 14 June after only five days due to strong interest from investors. The total nominal value of the offer has been increased from €1 billion to €1.5 billion; and CDP has received requests for about €4 billion. The offer has been carried out through a very large distribution network of Italian bank branches coordinated by Banca IMI, BNP Paribas, and UniCredit, which acted as lead managers.

This is the second issue of an Italian retail bond for Cassa Depositi e Prestiti. The issue of the bond is also part of a broader strategic process of Cassa Depositi e Prestiti, as set out in CDP’s 2019-2021 industrial plan.

The bond, expiring in 2026, provides for the payment of a fixed-rate coupon (annual gross nominal interest rate of 2.70 percent) for the first two years and a floating-rate coupon for the following years to be determined in accordance with the offer documents.

The transaction is carried out on the basis of the retail domestic program approved by the Commissione Nazionale per le Società e la Borsa (CONSOB) and Borsa Italiana. The bond was issued on 28 June and is listed on the MOT, the electronic market of bonds managed by Borsa Italiana. 

Hogan Lovells has advised the issuer with a team comprising partner Corrado Fiscale, counsel Annalisa Feliciani, associate Matteo Scuriatti, and trainee Alessandro Azzolini. The transaction's tax matters were handled by partner Fulvia Astolfi and senior associate Maria Cristina Conte.


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