Green Bond Fact Sheet

Cassa Depositi e Prestiti SpA

Date: 01-Oct-2018

Issue date: 27-Sept-2018 Maturity date: 27-Sept-2023 Tenor: 5Issuer Name

Cassa Depositi ePrestiti SpA

Amount Issued

EUR500m (USD585m)

Country of risk

Italy

CBI Database

Included

Issuer Type1

Government-Backed
EntityBond Type

Senior unsecured

Green Bond Framework

Link to framework

Second party opinion

Vigeo Eiris

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Water & wastewater☒ Water distribution☒ Water treatment☒ Wastewatertreatment☒ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
Reporting

The issuer will report on proceed allocations and impacts of the financed loans/projects

within a year of issuance of each Green, Social and Sustainability Bond and annually
thereafter, at least until the full allocation of the proceeds. (website)

Company information

Cassa Depositi e Prestiti is the National Promotional Institution, with the publicmandate to support the growth of the Italian economy and invest in thecompetitiveness of the country. It is a joint stock company controlled by the Italian
Ministry of Economy and Finance, which owns 82.77% of the share capital.

Firsts, records andcertificationsFirst sustainability bond issued by an Italian issuer.

Proceeds description

The deal benefits from a Vigeo Eiris Second Party Opinion. The deal was issued
under Cassa Depositi e Prestiti’s Green, Social and Sustainability Bond Framework,
which distinguishes between green and social eligibility criteria and allows theissuer to classify a bond as “green”, “social” or “sustainability” depending on theuse of proceeds.
The debut bond will finance projects related to the development andmodernisation of Italy’s water and wastewater infrastructure, such as water
treatment facilities, water storage, sewage networks and wastewater treatment
plants. The issuer stated that there is a significant infrastructure gap in thecountry’s water and wastewater sector, with average annual investments per
capita well below other European countries.

Climate Bonds view

Underwriters

We are pleased to see the deal’s proceeds contributing to increasing investments
in critical water and wastewater assets. This is the issuer’s second bond in the ESG
sector, following a EUR500m social bond in November 2017. The creation of a joint
framework for green, social and sustainability bonds is a creative way to keep deal
costs down and have the flexibility to raise funding for different asset pools as arepeat issuer.
Banca IMI SpA, BNP Paribas SA, Credit Agricole CIB SA, Goldman Sachs
International, MPS Capital Services Banca per le Imprese SpA, Santader Investment
Ltd, Unicredit Bank AG

Deal comments
Credit Rating

BBB (Fitch), Baa2 (Moody’s), BBB (S&P)

1

Pricing summary

The deal was around 2x oversubscribed and the price was fixed at 25 basis points
above the reference BTP, 10 basis points lower than the initial pricing guidance.
(source)

Investors summary

The bond was addressed to institutional investors, with around 60% of demand
coming from foreign investors. 37% of subscribers were banks, 29% investment
funds and asset managers, 22% insurance companies, and the remaining 12%
central banks and other investors. (source)

Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign