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Generali has successfully completed the placement of its eighth green bond

Generali has successfully completed the placement of its eighth green bond

we receive e we publish the following Press release spread by Generali.

Assicurazioni Generali SpA (“Generali”) has placed, today, a new Tier 2 title denominated in Euros with maturity 2035 (the “New Notes”), issued in “green” format pursuant to Generali’s Sustainability Bond Framework. The transaction is in line with Generali’s commitment to sustainability.

I New Titles are issued in conjunction with the cash repurchase offer announced by Generali on 7 January 2025, of (i) “€1,500,000,000 4.596% Fixed-Floating Rate Perpetual Notes” (XS1140860534), (ii) “€1,000,000,000 4.125 per cent. Fixed Rate Notes (XS1062900912)” and (iii) “GBP 350,000,000 6.269 per cent. Fixed-Floating Rate Perpetual Notes” (XS0257010206) (together, the “Notes”), with the objective of repurchasing an aggregate principal amount of Notes not exceeding €500.000.000. The buyback offer will close at 17.00:13 (CET) on 2025 January XNUMX.

During the placement of the New Notes, orders of €2,1 billion were raised, over 4 times the offer, from a highly diversified base of over 180 institutional investors, including a significant presence of funds with Green/SRI mandates.

THEemission attracted strong interest from international investors, who accounted for over 92% of the orders placed, confirming the Group's solid reputation on the markets. Approximately 34% of the Securities were assigned to France, 31% to the United Kingdom and Ireland, 10% to Germany, followed by Italy which took approximately 8% and BeNeLux approximately 8%.

I Terms of issue The New Titles are as follows:

  • Issuer: Assicurazioni Generali SpA
  • Expected rating for the issue: Baa2 / BBB+ (Moody's / Fitch)
  • Amount: €500.000.000
  • Launch date: January 7, 2025
  • Settlement date: January 14, 2025
  • Deadline: July 16, 2035
  • Coupon: 4,083% pa ​​payable annually in arrears
  • First coupon ex-dividend date: 16 July 2025
  • Issue price: 100%
  • Listing: Luxembourg Stock Exchange, ExtraMOT

Barclays Bank Ireland PLC, Crédit Agricole Corporate and Investment Bank, HSBC Continental Europe, ING Bank NV, Mediobanca – Banca di Credito Finanziario SpA, Morgan Stanley & Co. International plc and UniCredit Bank GmbH are acting as Joint Lead Managers and Bookrunners.

The Group CFO of Generali, Christian Borean, he has declared: "The issuance of our eighth green bond is a further step in the Group's sustainability journey. The excellent reception received by the market confirms Generali as a responsible insurer, asset manager and investor. The transaction also extends the average life of our external debt, in line with our proactive approach in managing the bond maturity profile.".

The Generali Group

Generali is one of the largest global players in the insurance and asset management sector. Founded in 1831, it is present in over 50 countries with a total premium income of € 82,5 billion in 2023. With 82 employees worldwide and 70 million customers, the Group boasts a leadership position in Europe and an increasingly significant presence in Asia and Latin America. At the heart of Generali's strategy is the commitment to be a Lifetime Partner to its customers, through innovative and personalized solutions, an excellent customer experience and a global and digitalized distribution capacity. The Group has fully integrated sustainability into all strategic choices, with the aim of creating value for all stakeholders and building a more equitable and resilient society.

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