MILAN, Jun 10 (Class Editori) -- Pending the green light from the Chinese authorities, Cdp continues the preparatory operations for the issuance of its first Panda bond. Cdp entrusted the law firm Allen & Overy with the task of legal advice for the first issuance of securities denominated in yuan, intended for investors of China, whose collection will support the internationalization of Italian companies in the country. The value of the mandate for a period of 24 months, which can be extended for a maximum of further 12 months, is of 120,000 euros, on a starting price of 160,000 euros. The quartet of candidates admitted to the final selection of the tender included, in addition to Allen & Overy, the law firms of Dentons, Linklaters and Curtis, Mallet-Prevost, Colt & Mosle.
Currently, €600 million would be made available to Italian companies through short-term revolving lines of credit with the partnership of Unicredit, Intesa Sanpaolo and Monte dei Paschi di Siena. To encourage internationalization, Cdp will also provide subsidised loans at a rate equal to 10% of the EU reference rate. An additional service regards the competitive financing made available to Chinese customers for the purchase of products and services offered by Italian companies.
The group led by Fabrizio Palermo, however, is waiting for the green light of the PBOC to issue panda bonds for 5 billion yuan (about 650 million euros). The operation would therefore allow Cdp to follow up on one of the objectives of the protocols signed with Intesa Sanpaolo last August and with Unicredit on February, 21, to favor the internationalization of small and medium-sized enterprises providing renminbi instruments. These projects fall under Cdp's 2019-2021 business plan for internationalization and export growth, presented last December and making 83 billion euros available to companies.
(Source:Class Editori)
Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.
A single purchase
