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          Generali successfully placed subordinated bond for € 1.25 billion

          • Transaction almost 4 times oversubscribed, of which 89% allocated to international investors

          Trieste - Generali today launched a subordinated bond in the format 32NC12 targeting institutional investors for an overall amount of € 1.25 billion. The issue attracted around 400 orders for almost € 5 billion, 4 times the target. The bond is intended to refinance the 2016 subordinated call dates of the Group which amount to € 1.25 billion (Euro equivalent).

          The issue attracted strong interest from international investors, who accounted for approximately 89% of allocated orders, confirming the credit the Group enjoys on the international markets. 49% of the bond has been allocated to UK&Ireland investors, 11% to Italian investors, approximately 9% to French investors and also to German investors and 4% to the Nordics. There was also significant interest from Asian investors.

          The terms of the issue were as follows:

          Issuer: Assicurazioni Generali S.p.A.
          Issue Expected Rating: / Baa3 (Moody’s)/ BBB (Fitch)/ bbb+ (AM Best)
          Amount: € 1,250 million
          Launch date: 20th October 2015
          Settlement date: 27th October 2015
          First call date: 27th October 2027
          Due date: 27th October 2047
          Coupon: 5.5%
          First coupon date: 27th October 2016
          Issue price: 99.759

          Banca IMI S.p.A., Barclays Bank PLC, Citibank N.A., Mediobanca – Banca di Credito Finanziario S.p.A., Morgan Stanley & Co. International PLC and UBS Limited acted as Joint Lead Managers for the issue, which will be listed on the Luxembourg Stock Exchange.

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