Generali has successfully placed a 500 million euro bond, with requests exceeding the amount offered by 13 times. In detail, the bonds issued are bullet format subordinate titles with expiry decennialintended for institutional investors.
The yield was initially announced at 4,625%, but then the insurance company received requests from around 450 investors for a total of over 6,5 billion. As a result, the yield was lowered to the final level of 3,875%, the lowest ever paid by the group on a subordinated issue.
The bond has attracted strong interest from investors foreign investors, which represented around 92% of the orders placed.
The issue, a tier 2 type regulatory capital instrument, is aimed at the partial refinancing of 750 million of subordinated debt with first call date in 2019, early repayment which obtained authorization from IVASS.
In the evening, the Fitch agency assigned the 'BBB' rating to the 2 million Tier500 subordinated bond issue communicated by Generali.
Updated at 17:15pm on Tuesday, January 22, 2019
