Chicago, April 13 – Assicurazioni Generali SpA priced €500 million of 5.399% tier 2 green bonds due 2033 (Baa2//BBB) on Thursday, according to information from a market source.
The senior subordinated notes priced at par, with a spread of 240 basis points over mid-swaps.
Generali may call the notes starting Oct. 20, 2032.
BNP Paribas coordinated the deal. BNP was joined as a joint lead manager by Barclays, BBVA, Commerzbank, Mediobanca, Santander and Societe Generale.
Books were €3.9 billion, according to a market source.
The notes will be listed on the Luxembourg Stock Exchange.
Proceeds will be used to finance or refinance new or existing eligible green projects. The company launched a tender offer for its €1.5 billion outstanding 4.596% fixed-to-floating perpetual notes on Thursday, with the cap in the tender offer expected to be related to the size of the new issue.
Generali is a Trieste, Italy-based insurance and asset management provider.
| Issuer: | Assicurazioni Generali SpA
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| Amount: | €500 million
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| Issue: | Senior subordinated tier 2 green notes
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| Maturity: | April 20, 2033
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| Bookrunners: | BNP Paribas, Barclays, BBVA, Commerzbank, Mediobanca, Santander and Societe Generale
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| Coupon: | 5.399%
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| Price: | Par
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| Yield: | 5.399%
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| Spread: | Mid-swaps plus 240 bps
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| Call features: | Starting Oct. 20, 2032
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| Trade date: | April 13
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| Settlement date: | April 20
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| Ratings: | Moody’s: Baa2
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| Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2609970848
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