Generali successfully placed €650 million subordinated bond
07 January 2026 - 18:48 price sensitive
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON LOCATED AND RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT
Trieste – Generali placed today a new Euro denominated Tier 2 bond due in January 2036 (the “Notes”), targeting institutional investors for an overall amount of €650 million. The Notes will be issued under Generali’s €15,000,000,000 Euro Medium Term Note Programme.
During the book building process, the Notes attracted an order book in excess of €2.6 billion, more than 4 times the size of the new issue, from around 135 highly diversified institutional international investors, confirming the Group’s strong reputation on the markets.
The terms of the Notes are as follows:
Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: “Baa1” by Moody’s and “A-” by Fitch
Amount: €650,000,000
Launch date: 7 January 2026
Settlement date: 14 January 2026
Maturity date: 14 January 2036
Coupon: 4.126% p.a. payable annually in arrear
First coupon date: 14 January 2027
Issue price: 100%
Spread: MS+125bps
Euro Mid-Swap (10 year): 2.876%
Listing: Professional Segment of the Luxembourg Stock Exchange Regulated Market and professional segment of Euronext Access Milan market (Access Milan Professional)
ISIN: XS3270893822
Morgan Stanley is acting as Global Coordinator and Joint Lead Manager. Barclays, Citi, Crédit Agricole CIB, ING, Mediobanca are acting as Joint Lead Managers.
Generali Group CFO, Cristiano Borean, commented: “Today’s bond issuance is fully consistent with our proactive approach to managing our debt profile. This transaction also tackles effectively the upcoming bond redemptions in 2027 and further extends the average duration of our debt. Furthermore, the success of the placement once again confirms the Group's solid financial position and the confidence of the institutional investors’ community in our 'Lifetime Partner 27: Driving Excellence' strategic plan”.