Generali yesterday placed an 850 million euro subordinated bond. The issue, aimed at institutional investors, received orders from around 270 investors for a total of over 2,4 billion (equal to 2,8 times the initial target). The transaction is aimed at refinancing the Group's subordinated debt with first call date in 2017, early repayment which is subject to prior authorization by IVASS, totaling €869 million.
The issue attracted strong interest from foreign investors, who accounted for around 83% of the orders placed. In particular, 31% of the placement was intended for British and Irish investors, 17% for Italian investors, approximately 11% for French investors, 15% for German investors and 4% for Northern European investors. There was also interest from Asian investors.
