Cassa Depositi e Prestiti returns to knock on depositors’ doors with a third bond, after those launched in 2015 and 2019. The placement, announced yesterday by the group led by Dario Scannapiec, will start next Tuesday for a total amount of 1.5 billion. euros, the same size is also available in the previous two numbers. The bonds will be offered to the public until November 27 – unless an early closure is decided as has already happened with the first two placements – and will be traded on the Mercato Telematico delle Obligazioni (Mot) of the Italian Stock Exchange.
Conditions
As for the conditions that apply to those who decide to join, the minimum deposit is one thousand euros, which is the nominal value of each bond. A replacement tax equal to the concessional rate of 12.50 percent will be applied to interest and other income of subscribers. The bonds will have a term of six years (maturity in 2029) and will be issued at nominal value and as a one-time solution on the maturity date.
Mixed rate
Interest on the bonds will be calculated according to a mixed rate: essentially it will be fixed for the first three years and variable for the next three. During the fixed rate application phase, i.e. the first three years, investors will receive a quarterly fixed coupon in the amount of 5% of the gross annual nominal unit value of the bonds. In the next three months, when the variable is activated, they will instead collect a gross coupon indexed to the 3-month Euribor, plus a margin of at least 0.90% p.a. The final margin will be set at the end of the placement period.
Once set up, the managers and coordinators of the offer will be Intesa Sanpaolo and UniCredit with the support of a very large group of national and international institutions.
Instrument
The new issue will allow Cassa to continue its strategy of diversifying funding sources, adding a new instrument to those already on the market. With retail bonds always having great success over the years (the first closed in 2015 with demand of €4 billion, 4 times the initial offering, and the second, in 2019, also closed with strong demand), the CDP is actually set for 2021. , it is worth recalling, a social bond of 500 million euros, followed by a bond for sustainability in September 2022 (in the amount of 750 million) and again, in February of this year, the first grouping of green bonds for a total of 500 million, in relation to demand which reached 2.6 billion euros.
