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04 Nov 2025

"CDP Successfully Issues €750 Million Bond with Record Investor Interest"

"Cassa Depositi e Prestiti (CDP) successfully issued a €750 million bond with a 10-year maturity and a fixed annual coupon of 3.50%, attracting significant market interest with orders exceeding €6.3 billion, over 8 times the offer. This marks the highest level of interest for CDP's euro-denominated bonds, reflecting strong international investor confidence. The issuance aligns with CDP's Strategic Plan 2025-2027 and its €15 billion Debt Issuance Programme, with an expected BBB+ rating. Legal and fiscal aspects were managed by Cappelli Riolo Calderaro Crisostomo Del Din & Partners and Clifford Chance, alongside CDP's internal legal team."

Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD) assisted Cassa Depositi e Prestiti (CDP) in the placement of a new bond issuance, while Clifford Chance provided legal assistance to the joint bookrunners involved in the transaction. The transaction involved the issuance of €750 million in bonds, reserved for institutional investors, with a 10-year maturity and an annual fixed coupon of 3.50%. The operation attracted significant market interest, with orders totaling €6.3 billion, over eight times the offer, from more than 110 investors. This represents the highest level of interest ever achieved by CDP in euro-denominated bonds, surpassing the previous record set in February 2025. The issuance aligns with the objectives of CDP's Strategic Plan 2025-2027 and is part of its €15 billion Debt Issuance Programme (DIP). The expected rating for the issuance is BBB+ from S&P, Fitch, and Scope. CRCCD's team assisting CDP was led by partner Federico Morelli, supported by senior associate Martina Baldi and associate and solicitor Bianca Casini. Tax aspects of the transaction were handled by partner Paolo Serva, with senior associate Edoardo Diotallevi. Clifford Chance's team advising the joint bookrunners was led by partner Gioacchino Foti and counsel Jonathan Astbury, with support from associate Benedetta Tola and trainee Lorenzo Mereghetti. Tax aspects were managed by partner Carlo Galli, senior associate Andrea Sgrilli, and associate Mario Martignago. On CDP's side, the legal aspects of the transaction were overseen by a team coordinated by Maurizio Dainelli, Head of Legal for Equity Investments, Finance, and Sustainability, and Alessandro Laurito, Head of Legal for Finance and Sustainability, with contributions from Nicolò Santoro, Stefania Roma, and Lorenzo Cimarra.
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