Cassa Depositi e Prestiti (CDP) is expected to launch its inaugural Italian covered bonds deal early next year, but it's unlikely to provide a satisfactory blueprint for Italian issuers who, for sometime, have been looking to edge into the European covered bonds arena.

"Although CDP is issuing a covered bond, it falls under an entirely different subject because CDP is a state-owned entity," explained Fabrizio Dotti, Financial Markets Lawyer at Simmons & Simmons. "It's regulated under a different set of laws that allow them to set up, something different."

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