Cdp launches second Yankee bond in US dollars. Demand nears 10 billion

Cdp closed the US market placement of a second 1.5 billion dollar bond issue with a boom in demand, with orders for over 9.9 billion, almost seven times the offer. The 'Yankee bond' offering to institutional investors saw about 80% participation by foreign investors. About 55% are US-based. The gross annual coupon is 5.875%; the maturity is five years. The securities are expected to be rated BBB by S&P and BBB by Fitch.

Through this transaction, Cdp confirms its ability to attract foreign capital, consolidating its presence in international financial markets, in line with its strategy of diversifying its sources of funding and broadening its investor base. The issue enables the group led by Dario Scannapieco to strengthen at the same time its activities in support of Italian companies' exports, including through the export finance channel.

The transaction involved a syndicate of banks, under which Bnp Paribas, BofA Securities, Citigroup, Goldman Sachs International, Imi-Intesa Sanpaolo, Jp Morgan, Santander Corporate & Investment Banking, Société Générale Corporate & Investment Banking and UniCredit acted as joint bookrunners. BofA Securities and Goldman Sachs International also acted as global coordinator of the transaction.

With yesterday's placement, Cdp closed its second transaction on the US market. As you will recall, in fact, in April last year the group debuted by launching its first bond issue in dollars for a total amount of USD 1 billion. That first Yankee bond registered significant interest from the financial markets with demand amounting to some $3.8 billion, almost four times the supply with orders from more than 120 investors. Even then, the placement saw a significant participation of US investors, over 45% out of an overall 76% participation of foreign investors. As for yield, the first Yankee bond settled on a gross annual coupon of 5.750% with a maturity of 3 years.