Cassa Depositi e Prestiti (CDP) has issued its second green bond, raising €500 million ($573 million) through an eight-year issuance targeted exclusively at institutional investors. The offering, conducted under CDP’s €15 billion ($17 billion) Debt Issuance Programme (DIP), attracted demand of approximately €2.5 billion ($2.8 billion) —five times the offer amount—with orders from more than 100 investors.
International interest was particularly strong, accounting for 73% of allocations. Investors from France (25%), Benelux (15%), the United Kingdom (14%), and the DACH region (9%) were among the largest participants. The bond also drew significant attention from European public institutions and investors with a focus on environmental, social and governance (ESG) criteria.
Proceeds will be directed towards projects with environmental benefits, including renewable energy infrastructure, sustainable mobility, energy efficiency initiatives, and support for circular economy ventures.
The issuance is the first green bond by CDP listed solely on the Borsa Italiana’s Electronic Bond Market (MOT), and the first under its revised Green, Social and Sustainability Bond Framework, updated in December 2023 to align with the International Capital Market Association’s (ICMA) Green Bond Principles.
As part of the transaction, CDP will incorporate blockchain technology into its reporting process to allow tokenisation of data, providing an additional layer of verification for investors monitoring use of proceeds and project impact.
This latest issuance brings CDP’s total ESG-linked bond activity since 2017 to 11 transactions, amounting to €7.25 billion. It supports the institution’s 2025–2027 Strategic Plan, which prioritises a Just Transition, energy transition infrastructure, and the strengthening of Italy’s competitiveness and innovation ecosystem.
The bond carries a fixed annual coupon of 3.25% and matures in June 2033. It is expected to receive medium-to-long-term ratings of BBB+ from S&P and Scope, and BBB from Fitch.
Joint Lead Managers and Bookrunners for the transaction included Banca Akros, BofA Securities, BNP Paribas, Intesa Sanpaolo (IMI CIB Division), Santander CIB, and UniCredit.
