Generali successfully placed subordinated bond for € 1.25 billion

• Transaction almost 4 times oversubscribed, of which 89% allocated to international investors

Trieste - Generali today launched a subordinated bond in the format 32NC12 targeting institutional investors for an overall amount of € 1.25 billion. The issue attracted around 400 orders for almost € 5 billion, 4 times the target. The bond is intended to refinance the 2016 subordinated call dates of the Group which amount to € 1.25 billion (Euro equivalent).

The issue attracted strong interest from international investors, who accounted for approximately 89% of allocated orders, confirming the credit the Group enjoys on the international markets. 49% of the bond has been allocated to UK&Ireland investors, 11% to Italian investors, approximately 9% to French investors and also to German investors and 4% to the Nordics. There was also significant interest from Asian investors.

The terms of the issue were as follows:

Issuer: Assicurazioni Generali S.p.A.
Issue Expected Rating: / Baa3 (Moody’s)/ BBB (Fitch)/ bbb+ (AM Best)
Amount: € 1,250 million
Launch date: 20th October 2015
Settlement date: 27th October 2015
First call date: 27th October 2027
Due date: 27th October 2047
Coupon: 5.5%
First coupon date: 27th October 2016
Issue price: 99.759

Banca IMI S.p.A., Barclays Bank PLC, Citibank N.A., Mediobanca – Banca di Credito Finanziario S.p.A., Morgan Stanley & Co. International PLC and UBS Limited acted as Joint Lead Managers for the issue, which will be listed on the Luxembourg Stock Exchange.