Commentary & Deal Flow

Final Books in excess of €3.1bn (incl. €150m JLM interest). Peak book in excess of €3.6bn (incl. €150m JLM interest)

Launched: 5yr: €750m @ BTPS+18bp - Books in excess of €3.6bn (incl. €150m JLM interest)
IPTs: 5yr: BTPS+25a

• Issuer: Cassa Depositi e Prestiti S.p.A. (Ticker: CDEP, Country: IT)
• Issuer LEI: 81560029E2CE4D14F425
• Issuer Ratings: Baa2 Stable by Moody’s / BBB+ Positive by S&P / BBB+ Stable by Fitch / BBB+ Positive by Scope
• Expected Issue Ratings: BBB+ by S&P / BBB+ by Fitch / BBB+ by Scope
• Status of the Notes: Senior Unsecured
• Format: Reg S Bearer, Dematerialised
• Issue Size: €750m
• Pricing Date: 27-May-26
• Settlement Date: 03-Jun-26 (T+5)
• Maturity Date: 03-Jun-31
• Coupon: [•]% Fixed, Annual, Actual / Actual (ICMA)
• Reference Gilt: BTPS 3.15 Jun-31 (HR 100%)
• Use of Proceeds: General Funding Purposes
• Listing: Borsa Italiana S.p.A. (M.O.T.) (Regulated Market)
• Clearing: Euronext Securities Milan (Monte Titoli)
• Denominations: €100k x €100k
• Governing Law: Italian Law
• Documentation: The Issuer’s €15bn Debt Issuance Programme Base Prospectus dated 13-May-26
• Bookrunners: Banca Akros, BNP Paribas, Deutsche Bank, Goldman Sachs International (B&D), IMI – Intesa Sanpaolo, Santander, UniCredit
• Target Market: EU MiFID II or UK MiFIR Eligible counterparties and professional clients only. No key information document required by Regulation (EU) No 1286/2014 (PRIIPs Regulation) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or UK
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Debt Issuance Programme Base Prospectus and any supplements relating to it are available on https://www.cdp.it/sitointernet/en/dept_issuance_programme.page and the Final Terms, when published, will be available on https://www.cdp.it/sitointernet/en/debt_issuance_programme.page
• Fees: A fee will be paid by the Issuer to the Bookrunners in association with this transaction
• Timing: Books Open. Today’s business. Books to close 11.45 UKT / 12.45 CET
• Hedge Deadline: 16:05 CET / 15:05 UKT