Investor / Analyst

Credit Rating and Debt Issuances

Credit Rating

Standard & Poor's Financial Strength Rating (FSR) and Counterparty Credit Rating (CCR): A with stable outlooks (05 December 2017)

Debt Issuances

CNP Assurances issues different types of subordinated liabilities that are an important component of its capital management policy. The Group's financial flexibility is based on the strong track record of access to debt capital markets. CNP Assurances constantly seeks to diversify its investor base in terms of geographical areas and currencies, as evidenced by the bonds issued in EUR, USD and GBP. The Group regularly adjusts its capital structure taking into account growth prospects in Europe and Latin America, Solvency 2 capital requirements, Standard & Poor's rating agency criteria and the opportunities offered by capital markets.
 
The following table shows the main features of the outstanding subordinated liabilities issued by the Group. For more details, please refer to the latest annual report.

ISIN codeIssuance dateFirst call dateLegal maturityCurrencyNominal (M)CouponIFRS classificationSolvency 2 Tiering(1)Prospectus(2)
Loan 2003-10-10 Already passed Perpetual EUR 45 Variable Debt Tier 1 -
Loan 2003-06-23 Already passed 2023-06-23 EUR 200 Variable Debt Tier 2 -
FR0010093328 2004-06-21 Already passed Perpetual EUR 300 Variable Equity Tier 1 Download
Loan 2004-11-02 Already passed Perpetual EUR 90 Variable Debt Tier 1 -
Loan 2004-11-02 Already passed Perpetual EUR 93 Variable Debt Tier 1 -
FR0010167247 2005-03-11 Already passed Perpetual EUR 225 Variable Equity Tier 1 Download
FR0010167296 2005-03-11 Already passed Perpetual EUR 24 Variable Equity Tier 1 Download
FR0010203026 2005-06-27 Already passed Perpetual EUR 75 Variable Equity Tier 1 Download
FR0010318386 2006-05-16 2036-05-16 Perpetual EUR 160 5.25% Equity Tier 1 Download
FR0010406082 2006-12-20 2026-12-20 Perpetual EUR 108 Variable Equity Tier 1 Download
FR0010941484 2010-09-14 2020-09-14 2040-09-14 EUR 750 6% Debt Tier 2 Download
FR0011033851 2011-04-07 2021-09-30 2041-09-30 EUR 700 6.875% Debt Tier 2 Download
FR0011034065 2011-04-07 2021-09-30 2041-09-30 GBP 300 7.375% Debt Tier 2 Download
FR0011345552 2012-10-18 2018-10-18 Perpetual USD 500 7.5% Equity Tier 1 Download
FR0011538461 2013-07-18 2019-07-18 Perpetual USD 500 6.875% Debt Tier 1 Download
FR0011949403 2014-06-05 2025-06-05 2045-06-05 EUR 500 4.25% Debt Tier 2 Download
FR0012317758 2014-11-18 2024-11-18 Perpetual EUR 500 4% Equity Tier 1 Download
FR0013066388 2015-12-10 2027-06-10 2047-06-10 EUR 750 4.5% Debt Tier 2 Download
FR0013101599 2016-01-22 2029-01-22 2049-01-22 USD 500 6% Debt Tier 2 Download
FR0013213832 2016-10-20 - 2022-10-20 EUR 1,000 1.875% Debt Tier 3 Download

(1) including grandfathering provisions

(2) only for public debt instruments

 

The following table shows the main features of the subordinated liabilities redeemed by the Group after supervisor approval.

ISIN codeIssuance dateFirst call dateLegal maturityCurrencyNominal (M)CouponRedemption Date
FR0000494718 1999-05-11 - 2009-05-11 EUR 450 4.625% 2009-05-11
FR0000485294 2001-04-11 2011-04-11 2021-04-11 EUR 750 5.75% 2011-04-11
FR0000474421 2003-05-16 2013-05-16 2023-05-16 EUR 300 5.25% 2013-05-16
IT0004507403 2009-06-23 - 2014-06-23 EUR 35 Variable 2014-06-23
FR0010409789 2006-12-22 2016-12-22 Perpetual EUR 1,250 4.75% 2016-12-22