Commentary & Deal Flow

Cassa depositi e prestiti S.p.A. (“CDP”; ticker: CDEP), the Italian National Promotional and Development Finance Institution, rated BBB+/BBB/BBB+/Baa3 (st/pos/st/pos) by S&P, Fitch, Scope, and Moody’s respectively, has mandated Morgan Stanley as Sole Global Coordinator and Joint Bookrunner and BofA Securities, Citigroup, Crédit Agricole CIB, Goldman Sachs International, HSBC, IMI-Intesa Sanpaolo and J.P. Morgan as Joint Bookrunners on a potential Reg S/144A (distribution to QIBs who are also qualified purchasers, as defined in Section 2(a)51 of the Investment Company Act) USD senior unsecured benchmark transaction. The Notes will not be guaranteed. The transaction will have an expected maturity of 5 years and is expected to follow in the near future subject to market conditions. Expected rating of the Notes is BBB+/BBB by S&P and Fitch.

Use of Proceeds: General Funding Purposes.

The issuer is available for 1x1 calls if requested (CACIB logistics). A DealRoadshow presentation will be made available at the following link:

URL: https://dealroadshow.com

Entry Code: PACIFIC25

Direct Link: https://dealroadshow.com/e/PACIFIC25