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Company & Organisation News - 24/09/2018

Vigeo Eiris, second party opinion for the first sustainability bond of Cassa depositi e prestiti, the Italian National Promotional Institution

Finalised on Tuesday September 18th, this 500 m€ operation on the sustainability bond market will finance local investments in the water sector.

This issuance comes along the release of the new “Green, Social and Sustainability Framework”, including project categories with environmental and social impacts: Infrastructures and Development of Cities, Education, SMEs Financing, Energy and Environmental Sustainability.

More specifically, with this sustainability bond, CDP undertakes to pursue its commitment to support the Italian territory. The issuance aims at providing the necessary liquidity for the construction and modernization of the Country’s water infrastructures. The “Sustainability Bond” proceeds will help bridging the relevant infrastructural gap, increasing operational efficiency.

With a maturity in October 2023 and a coupon of 2.125%, this issuance received a high level of demand (~ 2x the offer) from about 80 investors, with a strong presence of foreign investors, who accounted for 60% of the demand.

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Keywords : green bond, Italy