Finance your growth in China with the Panda Bond - Cassa Depositi e Prestiti

Dear Members and Friends of CICC,

The CICC is pleased to present the financing program aimed to support the development of Italian companies offered by Cassa Depositi e Prestiti (CDP) Group. 

The mission of CDP is to support Italian companies already operating in China or potentially interested in operating there, as follow:

• CDP has signed and is finalizing various collaboration agreements and MoUs with leading financial institutions in China.
• CDP raised 1 billion Renminbi by issuing Panda Bonds for institutional investors operating in China and made them available through medium / long term credit lines.
• The capital raised on the market will be used to support the growth and investment made or to be made by Chinese branches or subsidiaries of Italian companies in China, by granting Renminbi denominated medium-long term loans at fixed rate both directly within the co-financing programme with Bank of China and indirectly through Banca MPS – Shanghai Branch.

Funds raising: the Panda Bonds

Highlights of the tool

On 1 August 2019 CDP issued the first Panda Bond, for a nominal value of 1 billion Renminbi. The bond has a duration of 3 years and provides for an annual coupon of 4.50%.

The China Chengxin International Credit Rating CoLtd (CCXI) rating agency assigned the issue an AAA onshore shore rating.

This first tranche is part of the CDP emissions plan, approved by the People's Bank of China (PBoC), for a total amount of 5 billion Renminbi.

Rational of the transaction 

Providing financing in local currency - either directly or through Chinese branches of Italian banks or through Chinese banks - branches or subsidiaries of Italian companies incorporated in China and support their growth.

Diversification of the CDP investor base through the opening of a new funding channel in a market with strong potential

CDP was the first Italian broadcaster, as well as the first European National Promotional Institution, to explore this market.

Click here for more informations about the fundings and the modality of issue.

Contacts:

Enrico Semprebene

enrico.semprebene@cdp.it

+39 337 1448317

Matteo Primicerio

matteo.primicerio@cdp.it

+39 331 6171792

Michele Lucio Ricci

michele.ricci@cdp.it

+39 335 6328893