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Generali closes a subordinated bond issue

Generali successfully closes subordinated bond for € 1.25 bln

Demand at over € 9 bln, more than 7 times the issue, of which 86% from international investors

Trieste. Generali today closed a subordinated bond issue targeting institutional investors for a total amount of € 1.25 billion. Demand for the issue was over € 9 billion, more than 7 times the target. The bond is intended to strengthen the Generali Group’s capital position.

The issue was well received with exceptional favour and attracted strong interest from approximately 550 investors from over 30 countries. In particular, international investors accounted for approximately 86% of orders, confirming the credit the Generali Group enjoys in the international markets. More than 32% of orders came from major Anglo-Saxon investors, approximately 10% from German companies; there was also significant interest from Asian investors (11%).

The extremely high demand and the quality of the investors are testament to the success of this issue, regardless of the favourable market conditions, especially for subordinated debt.

The terms of the issue were as follows:

Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: BBB+ (S&P)/ Baa3 (Moody’s)/ BBB- (Fitch)/ bbb+ (AM Best)
Amount: € 1.25 billion
Launch date: 5 December 2012
Settlement date: 12 December 2012
Due date: 12 December 2042
First call date: 12 December 2022
Coupon: 7.75%
First coupon date: 12 December 2013
Issue price: 100%
Crédit Agricole, Mediobanca, Morgan Stanley, Nomura, UBS and UniCredit acted as Joint Lead Managers for the issue, which will be listed on the Luxembourg Stock Exchange.

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