This press release may not be distributed or published, directly or
indirectly, in or into the United States, Canada, Australia or Japan.
CNP Assurances has successfully placed two tranches of subordinated
notes with the following characteristics:
- EUR 700 million fixed to floating rate subordinated notes due
2041, bearing interest from April 7, 2011 until September 30, 2021 at a
rate of 6.875 per cent and thereafter at a floating rate with a step up of
100 basis points, placed to institutional investors in the Euro zone. The
spread over swap is 340 basis points.
- GBP 300 million fixed to floating rate notes due 2041, bearing interest from April 7, 2011 until September 30, 2021 at a
rate of 7.375 per cent and thereafter at a floating rate with a step up of 100
basis points, placed to institutional investors in the Sterling zone,. The
spread over Gilt is 375 basis points. The GBP tranche is the first foreign currency issue
carried out by CNP Assurances.
The notes have been rated A by Standard & Poor’s using the
methodology applicable to subordinated debt.
Settlement of the notes is scheduled for April 7, 2011.
The notes have been structured to the effect of being treated as
capital from a regulatory and rating agency perspective to the extent
permissible. They aim to comply with the latest Solvency II advice for Tier 2
The success of these transactions shows the strong credit recognition
of CNP Assurances among institutional investors.
Copies of the prospectuses approved by the Autorités des Marchés Financiers (AMF)
under visa No. 11-093 (relating to the Euro tranche) and visa No. 11-094
(relating to the GBP tranche) can be obtained free of charge from CNP
Assurances, 4 place Raoul Dautry, 75716 Paris Cedex 15, France. They can also be
downloaded from the Company’s website (www.cnp.fr) and the AMF's website (www.amf-france.org).
Some of the statements contained in this press release may be
forward-looking statements referring to
projections, future events, trends or objectives which, by their very nature,
involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated
in such statements by reason of factors such as changes in general economic
conditions and conditions in the financial markets, legal or regulatory
decisions or changes, changes in the frequency and amount of insured claims,
particularly as a result of changes in mortality and morbidity rates, changes in
surrender rates, interest rates, foreign exchange rates, the competitive
environment, the policies of foreign central banks or governments, legal
proceedings, the effects of acquisitions and the integration of newly-acquired
businesses, and general factors affecting competition.
Further information regarding factors which may cause results to
differ materially from those projected in forward looking statements is included
in CNP Assurances’ filings with the Autorité des Marchés Financiers. CNP Assurances does not undertake to update any
forward-looking statements presented herein to take into account any new
information, future event or other factors.
Distribution of this press release may be restricted in some
countries. Any person in possession of this press release should inform
themselves about and comply with any local restrictions.
This press release is not for distribution, directly or indirectly,
in or into the United States.
This press release and the information contained herein are not an offer to buy
ou subscribe, nor a solicitation to to buy or subscribe, securities in the
States or any other jurisdiction where such
offer may be restricted. Securities may not be offered or sold in the
States unless they are registered under the
U.S. Securities Act of 1933, as amended or exempt from registration. The notes
have not been and will not be registered under the U.S. Securities Act and CNP
Assurances does not intend to make a public offer of its securities in the
States. Copies of this document are not being,
and should not be, distributed in or sent into the United
As far as the United Kingdom is concerned, this press release is
directed only at persons who (i) are "investment professionals" falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion Order) 2005 (as amended, the "Financial Promotion Order"), (ii) are
persons falling within Article 49(2)(a) to (e) (high net worth companies,
unincorporated associations etc) of the Financial Promotion Order, (iii) are
outside the United Kingdom or (iv) are persons to whom an invitation or
inducement to engage in investment activity (within the meaning of Section 21 of
the Financial Services and Markets Act 2000) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be
communicated (all such persons referred to in (i) to (iv) together being
referred to as "relevant persons"). This document must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment
activity to which this document relates is available in the United Kingdom
to relevant persons only and will be engaged in only with relevant
This press release and the information contained herein do not
constitute an offer to sell or subscribe, nor a solicitation of an order to buy
or subscribe the notes in any country.
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