Cdp launches 1.5 billion Yankee bond, orders for 13 times

Orders for over USD 19 billion for Cassa Depositi e Prestiti's third Yankee Bond, which has returned to the US capital market with a USD 1.5 billion issue aimed at institutional investors. The bond pays a gross annual coupon of 4.375% and has a maturity of five years. The expected rating is BBB+ for S&P and BBB for Fitch.

The applications received from 250 investors were thus almost 13 times oversubscribed: in particular, more than 98% were from long-term investors and more than 85% of the final allocation was subscribed by foreign investors from over 23 countries, including the US (39%), the UK (17%), Northern Europe (12%) and the Middle East (10%).

With this transaction, reports the press release, Cdp "further strengthens its role as a reference issuer in the financial markets, confirming its growing ability to attract high-quality international capital, broadening its investor base and continuing its strategy of diversifying its sources of funding. The issue will enable Cdp to directly support the exports of Italian companies, including through export finance operations".

The transaction was overseen as Joint Bookrunners by BofA Securities, Citigroup, Credit Agricole CIB, Goldman Sachs International, HSBC, Intesa Sanpaolo (IMI CIB Division), Jp Morgan and Morgan Stanley, the latter also acting as Sole Global Coordinator of the transaction.