Generali successfully concludes the placement of its fourth green bond

13 April 2023 - 19:14 price sensitive

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Trieste – Assicurazioni Generali S.p.A. (“Generali”) has placed today a new Euro denominated Tier 2 bond due 20 April 2033 (the “New Notes”) issued in “green” format in accordance with its Sustainability Bond Framework. This transaction is in line with Generali’s sustainability commitment.

The New Notes are being issued in conjunction with the cash buyback offer announced by Generali on 13 April 2023 for its €1,500,000,000 4.596% Fixed-Floating Rate Perpetual Notes (XS1140860534) (the Notes), targeting to buyback up to €500,000,000 in aggregate principal amount of Notes. The buyback offer is expected to expire at 5.00 p.m. (CET) 19 April 2023.

The New Notes have, during the book building process, attracted an order book of €3.9 billion, more than 7 times the offered amount, from around 300 highly diversified international institutional investor base including a significant representation of funds with Green/SRI mandates.

The terms of the New Notes are as follows:

Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: Baa2 / BBB (Moody’s / Fitch)
Amount: €500,000,000
Launch date: 13 April 2023
Settlement date: 20 April 2023
Maturity date: 20 April 2033
Coupon: 5.399% p.a. payable annually in arrear
First coupon date: 20 April 2024
Issue price: 100%
Listing: Luxembourg Stock Exchange, ExtraMOT PRO and Lux Green Exchange

BNP Paribas, Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Barclays Bank Ireland PLC, Commerzbank Aktiengesellschaft, Mediobanca – Banca di Credito Finanziario S.p.A. and Société Générale are acting as Joint Lead Managers & Bookrunners.

Generali Group CFO, Cristiano Borean, commented: “The placement of our fourth green bond is another important step in the Group's sustainability journey. The excellent reception that we have received from the market is a confirmation of our strong relations with credit investors. The transaction will further extend the average maturity of our debt, consistent with our proactive approach in shaping the debt maturity profile.”