Italy’s Cassa Depositi e Prestati is proceeding with a buyback of Eu437.2m of January 2013 and ¥10bn January 2017 covered bonds after two extraordinary resolutions were passed by the necessary quorum at an adjourned bondholders’ meeting on Monday.

CDP on 2 February announced a tender offer targeting the aforementioned issues, with 14.6% of the January 2013 bonds (Eu3bn in total) and all yen bonds tendered by investors, with the issuer offering a cash price of around par. An initial bondholder meeting scheduled for 24 February failed to achieve the necessary quorum.

Banca IMI, BNP Paribas, Deutsche Bank, Nomura and UniCredit were joint dealers on the tender offer.