Generali launches €850m subordinated bond
Italian insurance firm Generali has launched a subordinated bond targeting institutional investors for an overall amount of €850 million ($948.05 million).
The issue attracted around 270 orders for more than €2.4billion, 2.8 times the target size.
The 32NC12 format bond is intended to refinance the subordinated debt of the Group with a first call date in 2017 amounting to €869 million, early repayment being subject by law to prior authorisation by IVASS (Italian Insurance Supervisory Authority).
The issue attracted strong interest from international investors, who accounted for approximately 83 percent of allocated orders, confirming the strong reputation the Group enjoys on the international markets.
31 percent of the bond has been allocated to UK & Irish investors, 17 percent to Italian investors, approximately 11 percent to French accounts, 15 percent to German investors and 4 percebt to Nordics.
There was also interest from Asian investors.
BNP Paribas, Deutsche Bank, Goldman Sachs International, UBS Investment Bank and UniCredit acted as Joint Lead Managers for the issue, which will be listed on the Luxembourg Stock Exchange.
