Green & Sustainability Bonds
The careful assessment of the climate-related impacts on the Group's activities is now fully embedded in the Group's most strategic processes, also including those connected with the financial management. Generali has displayed a great deal of innovation in this area.
In 2019 we issued a €750 million green bond to finance or refinance, for example, acquisition and refurbishment projects of the Group's real estate assets leading to energy optimization. We collected final orders of over €2.7 billion, equal to around 3.6 times the offering. In 2020 the Group showed consistency with its sustainability strategy by issuing a second green bond for €600 million. Also, in this case the response from investors has been very strong with final orders of over €4.5 billion.
In 2021 Generali issued €500 million Tier 2 bond, in the new form of a “sustainability bond” under the Sustainability Bond Framework, which embeds our previous Green Bond Framework.
This new format confirmed Generali’s leading position on sustainability matters. The issue attracted an order book of € 2.2 billion. The net of proceeds from the issue will be used to finance/refinance Eligible Sustainability Projects, according to both green and social eligible criteria defined in the new Framework.
In 2022 Generali issued its 3rd green bond, € 500 million Tier 2, in accordance with its Sustainability Bond Framework. An amount corresponding to the net proceeds from the Notes will be used to finance/refinance “Eligible Green Projects”. The Notes attracted an order book of €1.05 billion from 116 highly diversified international institutional. Through this transaction, once again, Generali confirmed its commitment on sustainability matters.
In 2023 Generali issued its 4th green bond, € 500 million Tier 2, in accordance with its Sustainability Bond Framework. An amount corresponding to the net proceeds from the Notes will be used to finance/refinance “Eligible Green Projects”. The Notes attracted an order book of €3.9 billion more than 7 times the offered amount, from around 300 highly diversified international institutional investor base including a significant representation of funds with Green/SRI mandates.
In 2023 Generali issued also its 5th green bond, € 500 million Tier 2, in accordance with its Sustainability Bond Framework. An amount corresponding to the net proceeds from the Notes will be used to finance/refinance “Eligible Green Projects”. The Notes have attracted an order book in excess of € 1.1 billion, more than 2 times the size of the book, from around 180 highly diversified international institutional investors, including a significant representation of funds with Sustainable/SRI mandates.
In 2024 Generali issued its 6th and 7th green bond, € 500 million and € 750 million Senior, due respectively in January 2029 and in January 2034, in accordance with its Sustainability Bond Framework. An amount corresponding to the net proceeds of the 2029 Notes and the 2034 Notes will be used to finance/refinance “Eligible Green Projects”. The Notes attracted an aggregate order book in excess of € 2 billion from more than 80 highly diversified international institutional investors throughout the book-building process, including a significant representation of funds with Sustainable/SRI mandates.
For more details please refers to our Sustainability Bond Framework and Reports available at the dedicated page
