Generali successfully placed €750 million fixed rate subordinated tier 2 notes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 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 THE TENDER OFFER MEMORANDUM
 

Trieste – Generali placed today a new Euro denominated Tier 2 bond due in June 2037 (the “Notes”), targeting institutional investors for an overall nominal amount of € 750 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 € 1.5 billion, more than 2 times the size of the new issue, from around 128 highly diversified institutional 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: € 750,000,000
Launch date: 26 May 2026
Settlement date: 3 June 2026
Maturity date: 3 June 2037
Coupon: 4.406% p.a. payable annually in arrear
First coupon date: 3 June 2027
Issue price: 100%
Spread: MS+135bps
Euro Mid-Swap (11 year): 3.056%
Listing: Professional Segment of the Luxembourg Stock Exchange Regulated Market and professional segment of Euronext Access Milan market (Access Milan Professional)
ISIN: XS3388195441

HSBC Continental Europe is acting as Sole Global Coordinator and Joint Lead Manager. Banco Bilbao Vizcaya Argentaria S.A., Goldman Sachs International, Intesa Sanpaolo S.p.A., Mediobanca – Banca di Credito Finanziario S.p.A., Société Générale and UniCredit Bank GmbH 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 completes the refinancing of all our subordinated maturities eligible for inclusion in Own Funds until June 2028 and further extends the average duration of our debt. Furthermore, the success of the placement, in a volatile market environment, 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”.