Generali successfully placed €500 million subordinated bond
Generali placed yesterday 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 FitchAmount: €500,000,000Launch date: 11 June 2025Settlement date: 18 June 2025Maturity date: 18 June 2036Coupon: 4.135% p.a. payable annually in arrearFirst coupon date: 18 June 2026Issue price: 100%Spread: MS+155bpsEuro 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”.