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Since its inception in 1850, CDP has been operating as the State Agency in charge of financing public-sector investments in Italy.
In December 2003, CDP was transformed from a public administration entity into a joint stock company majority-owned by the Italian State in order to adapt to the evolving regulatory framework of its reference markets. Following its privatisation, the company continues to focus on financing Italian public-sector investments as well as other low-risk activities.
In 2004, CDP set up its Euro 20 billion Covered Bond Programme for the issuance of Triple-A rated bonds backed by a well-diversified portfolio of loans to Italian public sector entities with the purpose of re-financing its public sector lending business.
In March 2005, CDP entered the market, thus establishing itself as the first Italian issuer of Covered Bonds. From then on, CDP has come to the market on a regular basis.
Going forward, CDP will continue to issue Public Sector Covered Bonds as a stable source of funding for the core business of the company.
On 30 September 2006, outstanding Covered Bonds under the Programme amounted to Euro 8 billion.
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