Italian insurer Generali has placed a new Euro denominated Tier 2 bond maturing in September 2033, issued in green format in accordance with its Sustainability Bond Framework.
According to the announcement, an amount corresponding to the net proceeds of the notes will be used to finance/refinance “Eligible Green Projects”.
During the book building process, the notes have attracted an order book in excess of € 1.1 billion, which is more than double the size of the book, from around 180 international institutional investors, including a significant representation of funds with Sustainable/SRI mandates.
According to Generali, the issuance has attracted heavy interest from international investors, which accounted for over 90% of the allocated orders.
Around 39% of the notes have also been allocated to French investors, with 14% going to Germany and Austria, followed by UK & Ireland taking around 13%.
In addition, HSBC is acting as Global Coordinator; Crédit Agricole CIB, HSBC, Mediobanca, Morgan Stanley, UBS Europe SE.
With Unicredit Bank AG are acting as Joint Lead Managers.
Generali Group CFO, Cristiano Borean, commented: “The successful placement of our fifth green bond confirms, once again, our solid financial position and the investors’ confidence in our ‘Lifetime Partner 24: Driving Growth’ strategic plan.
“The transaction – which is consistent with our proactive approach to managing the bond maturity profile – will further extend the average life of our debt and will allow Generali to finance green projects, in line with our commitment to sustainability.”
