Generali successfully placed €500 million subordinated bond
11 June 2025 - 18:52 price sensitive
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Trieste – Generali placed today a new Euro denominated Tier 2 bond due in June 2036 (the “Notes”), targeting institutional investors for an overall amount of €500 million. The Notes will be issued under Generali’s Euro Medium Term Note Programme.
During the book building process, the Notes attracted an order book in excess of €1.35 billion, more than 2.7 times the size of the new issue, from over 100 highly diversified institutional investors.
The issuance has attracted strong interest from international investors, which accounted for around 90% of the allocated orders, confirming the Group’s strong reputation on the markets. Approximately 34% of the Notes have been allocated to French investors, 20% to German / Austrian / Swiss investors, 14% to the Nordics, 11% to the UK & Irish investors, 11% to Italian investors, 5% to investors from Benelux, 4% from Iberia and 1% to others.
The terms of the Notes are as follows:
Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: “Baa2” by Moody’s and “BBB+” by Fitch
Amount: €500,000,000
Launch date: 11 June 2025
Settlement date: 18 June 2025
Maturity date: 18 June 2036
Coupon: 4.135% p.a. payable annually in arrear
First coupon date: 18 June 2026
Issue price: 100%
Spread: MS+155bps
Euro Mid-Swap (11 year): 2.585%
Listing: Professional Segment of the Luxembourg Stock Exchange Regulated Market and professional segment of Euronext Access Milan market (Access Milan Professional)
ISIN: XS3098976098
Citi is acting as Global Coordinator and Joint Lead Manager. BBVA, Commerzbank, IMI – Intesa Sanpaolo, Mediobanca, Société Générale are acting as Joint Lead Managers.
Generali Group CFO, Cristiano Borean, commented: “Today’s bond issuance is consistent with our proactive approach to managing our debt maturity profile. The subordinated bond reduces our refinancing risk and aligns perfectly with our objective of cost-efficient debt management. Furthermore, the success of the placement once again confirms the Group's solid financial position and demonstrates the continued strong confidence in Generali of international investors from a wide range of countries”.