Generali successfully concludes the placement of its first sustainability bond

Trieste – Assicurazioni Generali S.p.A. (Generali) has placed today a new Euro denominated Tier 2 bond due in June 2032, (The Notes) issued in the form of a “sustainability bond” in accordance with its Sustainability Bond Framework. This new format confirms Generali’s leading position on sustainability matters.

The net of proceeds from the Notes will be used to finance/refinance Eligible Sustainability Projects.

Additionally, there will be a donation of € 50,000 to Generali’s foundation The Human Safety Net - ONLUS, the scope of which is to unlock the potential of people living in vulnerable circumstances.

The Notes have, during the book building process, attracted an order book of € 2.2 billion from about 180 highly diversified international institutional investors, including a significant representation of funds with Sustainable/SRI mandates.

The terms of the Notes are as follows:

Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: “BBB-” by Fitch and “Baa3” by Moody’s
Amount: € 500,000,000
Launch date: 24 June 2021
Settlement date: 30 June 2021
Maturity date: 30 June 2032
Coupon: 1.713% p.a. payable annually in arrear
First coupon date: 30 June 2022
Issue price: 100%
New Notes ISIN: XS2357754097
Spread to Mid Swap: 1.55%
Issue Price: Par
Listing: Professional Segment of the Luxembourg Stock Exchange Regulated Market and LGX Platform and on ExtraMOT market – Professional Segment (ExtraMOT PRO).

The issuance attracted strong interest from international investors, which accounted for approximately 93% of allocated orders, confirming the strong reputation that the Group enjoys on the international markets. About 36% of the bond has been allocated to French and Benelux investors, 29% to German and Swiss accounts and approximately 14% to Italian and Spanish investors.

Joint Lead Managers & Bookrunners: BNP Paribas, Goldman Sachs International (B&D), HSBC, Mediobanca, Santander and UniCredit.

Sole Global Coordinator: Goldman Sachs International (B&D).

Joint Sustainability Structuring Advisors: BNP Paribas and UniCredit.

Generali Group CFO, Cristiano Borean, commented: “This transaction will further extend the average maturity of our debt, consistent with our proactive approach in shaping the debt maturity profile and will provide the opportunity for Generali to finance green and social projects. Moreover, this will lead to a further reduction in the annual gross interest expense considering our outstanding debt profile. Sustainability is an enabler of the Generali 2021 strategy. I am pleased by the strong reception of our first Sustainability Bond, which confirms our commitment to sustainability and to support the development of the market for green, social and sustainability bonds in Europe.”