Chicago, Jan. 8 – Assicurazioni Generali SpA priced a €1.25 billion offering of green notes in two parts (Baa1//A) on Monday, according to information from a market source.
The insurer priced €500 million of 3.212% five-year notes at par, or mid-swaps plus 65 basis points. Price talk was in the mid-swaps plus 80 bps area.
The second tranche priced as €750 million of 3.547% 10-year notes at par, or at mid-swaps plus 95 bps.
Price talk was in the 110 bps area.
Both notes are callable early with make-whole premiums, Bunds plus 20 bps for the five-year notes and Bunds plus 25 bps for the 10-year notes. There are three-month par call options on both notes.
IMI - Intesa Sanpaolo was handling billing and delivery. BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., ING, Mediobanca and Societe Generale are also bookrunners.
Combined order books were over €2 billion, with a skew toward the 10-year note.
Proceeds will be used for eligible green projects.
Generali is a Trieste, Italy-based insurance and asset management provider.
| Issuer: | Assicurazioni Generali SpA
|
| Amount: | €1.25 billion
|
| Issue: | Green notes
|
| Bookrunners: | IMI - Intesa Sanpaolo (billing and delivery), BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., ING, Mediobanca and Societe Generale
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody’s: Baa1
|
| Fitch: A
|
| Distribution: | Regulation S
|
|
|
| Five-year notes
|
| Amount: | €500 million
|
| Maturity: | Jan. 15, 2029
|
| Coupon: | 3.212%
|
| Price: | Par
|
| Yield: | 3.212%
|
| Spread: | Mid-swaps plus 65 bps
|
| Call features: | Make-whole call at Bunds plus 20 bps; three-month par call
|
| Price talk: | Mid-swaps plus 80 bps area
|
| ISIN: | XS2747590896
|
|
|
| 10-year notes
|
| Amount: | €750 million
|
| Maturity: | Jan. 15, 2034
|
| Coupon: | 3.547%
|
| Price: | Par
|
| Yield: | 3.547%
|
| Spread: | Mid-swaps plus 95 bps
|
| Call features: | Make-whole call at Bunds plus 25 bps; three-month par call
|
| Price talk: | Mid-swaps plus 110 bps area
|
| ISIN: | XS2747596315
|
|
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