Generali has placed a Euro denominated Tier 2 bond due in June 2032, issued in the form of a sustainability bond in accordance with its framework, or which the proceeds will be used to re/finance eligible sustainability projects.
The orderbook has been over four times oversubscribed with €2.2bn ($2.6bn) from 180 institutional investors. It is expected to receive a rating of BBB- from Fitch and Baa3 from Moody’s, with a total amount of €500m and a coupon of 1.713% per annum. Institutional investors accounted for 93% of allocated orders.
More than a third (36%) has been allocated to French and Benelux investors, 29% to German and Swiss, and 14% to Italian and Spanish.