Generali successfully placed subordinated bond for € 850 million

• Transaction almost 2.8 times oversubscribed, of which 83% allocated to international investors

Trieste. Generali today launched a subordinated bond in the format 32NC12 targeting institutional investors for an overall amount of € 850 million. The issue attracted around 270 orders for more than € 2.4billion, 2.8 times the target size. The bond is intended to refinance the subordinated debt of the Group with first call date in 2017, early repayment which, by law, is subject to prior authorization by IVASS, which amounts to € 869 million.

The issue attracted strong interest from international investors, who accounted for approximately 83% of allocated orders, confirming the strong reputation the Group enjoys on the international markets. 31% of the bond has been allocated to UK & Irish investors, 17% to Italian investors, approximately 11% to French accounts, 15% to German investors and 4% to Nordics. There was also 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: € 850 million
Launch date: 31 May 2016
Settlement date: 8 June 2016
First call date: 8 June 2028
Due date: 8 June 2048
Coupon: 5.00%
First coupon date: 8 June 2017
Issue price: 99.277

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.