New Issue: Groupama prices €117 million 6% new money tier 2 capital at par

By Paul A. Harris

Portland, Ore., Jan. 17 – France-based insurance company Groupama SA priced €117 million of new money non-callable 10-year tier 2 senior subordinated notes (Fitch: BB+) at par to yield 6% on Tuesday, according to a market source.

The new money notes were part of the €650 million of notes which came in an exchange for Groupama's deeply subordinated notes issued in 2007 and a portion of its senior subordinated notes issued in 2009.

Citigroup, Credit Agricole CIB, HSBC, JPMorgan, Morgan Stanley and SG CIB were the joint lead managers.

Issuer:	Groupama SA
Amount:	€117 million
Maturity:	January 2027
Securities:	Tier 2 senior subordinated notes
Joint lead managers:	Citigroup, Credit Agricole CIB, HSBC, JPMorgan (bill and deliver), Morgan Stanley, SG CIB
Coupon:	6%
Price:	Par
Yield:	6%
Call protection:	Non-callable
Trade date:	Jan. 17
Settlement date:	Jan. 23
Rating:	Fitch: BB+

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