IFR speaks to UniCredit’s Pietro Bianculli on the burgeoning social bond market

On Tuesday 15th November, Cassa Depositi e Prestititi proved that social bonds are all the rage, drawing orders in excess of €2.25bn, including €110m of joint leader manager interest.

As Joint Bookrunner, UniCredit helped set the spread for the for the €500m no-grow five-year at 57bp over mid-swaps (having started marketing at high 60s).

Speaking to IFR, Pietro Bianculli, Co-Head of IG & CEEMEA Bond Syndicate at UniCredit, commented: “This is the first Social Bond out of Italy, and the first in Europe dedicated to areas affected by natural disasters.” He added, “We priced inside of fair value, at 14bp over BTPs, whereas original expectations were slightly wider”.

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