Italy’s Cdp successfully completed first Panda bond issue

Parvez Jabri August 1, 2019

MILAN: Italian state lender Cassa depositi e Prestiti has successfully completed its first yuan denominated bond issue, it said on Wednesday.

The three-year 1 billion yuan ($145.28 million) bond was sold at par with a 4.5% yield, CDP said.

Bank of China acted as lead underwriter and lead bookrunner, while China Development Bank, Goldman Sachs Gao Hua, HSBC, ICBC and JPMorgan Chase Bank were lead underwriters and joint Bookrunners.

CDP signed a partnership deal in March with Bank of China which included the issuance of bonds denominated in Chinese renminbi and sold in China from non-Chinese issuers –known as Panda bonds.

Copyright Reuters, 2019

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