Home » UniCredit and CDP launch the first Basket Bond in Italy linked to ESG objectives

UniCredit and CDP launch the first Basket Bond in Italy linked to ESG objectives

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UniCredit and CDP launch the first Basket Bond in Italy linked to ESG objectives

In today’s day UniCredit e CDP they launched the first Basket Bond in Italy linked to ESG objectiveswith the aim of facilitating access to credit for smaller companies and financing their sustainable development plans.
In detail, the new Basket Bond ESG program aims at mobilize resources of at least 100 million eurosalso thanks to the guarantee instruments of the European Investment Bank (EIB) to support the investments of SMEs and Mid-Caps active in strategic sectors of the Italian economy.

Focus on SMEs and Mid-Caps

The program starts today with the first tranche of issues of 48 million euro in favor of eight companies located throughout the national territory: Comat Energy Services, a Turin company that issued a 12 million euro mini-bond; the Vicenza Fitt (10 million); the comasca Lariotex (8 million); the Turinese G.D.L. (6 million); Ferretto Group of Vicenza (4 million), the Salernitana Autuori Group Logistics (3 million), the Calabrian Industrial Design Studio (3 million) and the Neapolitan Textile Manufacturing Company (2 millions).
Each of these companies has issued six-year mini-bonds, raising resources useful for promoting their respective growth and development plans, in Italy and abroad.

CDP and UniCredit have each subscribed 50% of the total amount of the programme, which enjoys the guarantee from the European Guarantee Fund (EGF)managed by the European Investment Bank Group (EIB), to cover 90% of the losses recorded on individual minibonds and up to a maximum capacity of 35% of the overall portfolio.

The initiative stems from the growing awareness of companies of the importance on the one hand of moving towards business models based on environmental, social and governance criteriaon the other hand to access forms of financing complementary to traditional banking ones.

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But not only that, the Basket Bond is proving to be an ideal tool to channel the interest of institutional investors towards small and medium-sized enterprises who otherwise individually would have difficulty accessing the capital market.

In the transaction in question, Master Keeper S.p.A. ha agito come servicer, corporate servicer, calculation agent ed EIB guarantee monitoring agent.

“With the first market-wide ESG Basket Bond we are launching today with CDP,” he says Remo Taricani, deputy head of UniCredit Italia, we mobilize new and important resources, complementary to bank credit, which allow us to provide further support to the increasingly numerous and significant investment projects of the country’s companies in the sense of sustainability. As the leading bank in Italy in the minibond market, we have put our financial innovation skills at the service of the ESG transition of the country’s SMEs and Mid-Caps”.

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