È bond poker. Intesa Sanpaolo listed two new foreign currency bonds directly on the MOT and EuroTLX of Borsa Italiana, one denominated in Canadian dollars and one in New Zealand dollars, both with a two-year term. Instead, Assicurazioni Generali, to manage debt, announced the buyback of perpetual bonds and the issuance of new subordinated bonds denominated in euro in a “green” format.
The bonds charge the shares of the two companies. In Milan the title of Generali rises by 1% to 10,41 euros per share, the increase of Intesa of 2,91% to 2,46 euros per share is more decisive.
Intesa Sanpaolo lists two new fixed-rate bonds in foreign currency with a 2-year term
In detail, the first provides for the payment of coupons gross annual coupons of 4,5% payable six-monthly, while the other provides for the payment of gross annual coupons of 5,60%, also payable every six months. The minimum denomination is, respectively, equal to 2.000 cad for the bond in Canadian dollars and equal to 2.000 nzd for the bond in New Zealand dollars.
However, investing in foreign currency bonds is subject to risk associated with the performance of the exchange rate: a depreciation of the foreign currency against the investor's currency would lead to a decrease in the yield, and conversely, an appreciation of the foreign currency would generate an additional yield with respect to the coupon rate. The bonds issued by Intesa Sanpaolo are of type Senior Unsecured and can be purchased and resold at the market price on the MOT and EuroTLX of Borsa Italiana through your bank or reference intermediary/broker.
Generali buys back perpetual bonds and launches a new green bond
Assicurazioni Generali has launched the cash buyback of its own bond loan perpetual from 1,5 billion euro, as well as launching the issue of a new fixed-rate Tier 2 security maturing in 2033 up to 500 million euro in green, the fourth issued by the group.
The buyback operation aims to optimize its regulatory capital structure, said the company led by Philippe Donnet. The offer period will end at 17 pm on 19 April 2023.
Generali then intends to issue new Tier 2 instruments at a fixed rate denominated in euro with a maturity date of 2033, to be offered, at market conditions, to qualified investors. The new securities, informs the company, will be issued in a "green" format pursuant to the Offeror's Sustainability Bond Framework, and will be listed on the Luxembourg Stock Exchange and rated by Moody's and Fitch. Furthermore, the company filed an application with the Insurance Supervisory Institute in order to obtain authorization to repurchase the securities as part of the offer and obtained the go-ahead from the supervisory authority.
