Date: 21 November 2023

Hosted by

Intesa Sanpaolo


The commercial paper (CP) market in Italy has hitherto been modest, but recent changes in the Italian tax and legal framework may now catapult it into the mainstream as a viable tool to fund short-term liabilities. By reference to more active markets elsewhere, in this event we heard from practitioners about the benefits of CP, and how its characteristics complement other, more long-term funding strategies, as well as the process of CP issuance. With an eye to the future, we also considered potential policy developments around CP, and how CP can lend itself to an issuer’s sustainability planning.

14:30   Registration
15:00   Welcome remarks
Cristiano Maffi, Head of Global Primary Markets and Solutions, Intesa Sanpaolo
15:05   Joint keynote: The genesis and development of CP globally, and locally
Emiliano Carchen, Partner, Oliver Wyman
Alessandro Accrocca, Partner, Orrick
15:25   Panel discussion: Commercial paper – current status and future prospects
Moderator: Katie Kelly, Senior Director, Market Practice and Regulatory Policy, ICMA
  • Stefano Iacobelli, Senior Director, Market Operations Directorate, Banca d’Italia
  • Fabio Mandirola, Money Market Fund Manager, Generali Insurance Asset Management
  • Jose Sarafana, Money Market and Fixed Income, BRED Banque Populaire
  • Hedi Zebidi, Head of Short Term Debt Origination, Intesa Sanpaolo
16:20   Panel discussion: The issuers’ experience
Moderator: Manuela Carra, Head of Finance, Cassa Depositi e Prestiti
  • Luca Passa, CFO, Snam S.p.A.
  • Stefano Pierini, Head of Finance & Investor Relations, Ferrovie Dello Stato Italiane S.p.A.
17:00   Closing remarks
Alberto Zaffignani, Managing Director, Global Markets Natixis Italy and Chair, ICMA Italian Region
17:05   Networking reception
18:00   Event close
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