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Enterprise News - 16/11/2017

Vigeo Eiris, second party opinion for the first social bond issued on the Italian market by Cassa Depositi e Prestiti

With an amount of 500 million euros, with a tenor of 5 years (maturity date November 2022), CDP confirms, through its social bond, its commitment for supporting SMEs located in economically deprived areas

Consistently with its mission of supporting Italian economy, CDP will devote the raised funds to financing Italian SMEs with less than 250 employees, through a liquidity platform allocated by the banking system. Such SMEs must not be involved in controversial business activities and shall be located in economically deprived areas or in areas hit by natural disasters. CDP’s Social Bond is inspired by the United Nations Sustainable Development Goal (UN SDG) Number 8: “Decent Work and Economic Growth”.

The market demand was about € 2.25 billion, equal to about 5x of supply, and foreign investors subscribed for more than 70% of the total issue. In terms of types of investors, 49% of subscribers were investment funds and management companies, 31% banks, 13% insurance companies and pension funds, and the remaining 7% central banks and other investors.

Vigeo Eiris evaluated this social bond and provided its opinion on the purposes, its contribution to sustainable development and the responsible management of the issuance, aligned with the “Social Bond Principles”.

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Keywords : Green bonds, Italy