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, Moody’s and Standard & Poor's rating agencies 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)Ratings Moody’s /S&PCouponIFRS classificationSolvency 2 Tiering(1)Prospectus (2)
Loan2003-10-10Already passedPerpetualEUR45-VariableDebtTier 1-
Loan2003-06-23Already passed2023-06-23EUR200-VariableDebtTier 2-
FR00100933282004-06-21Already passedPerpetualEUR300-VariableEquityTier 1Download .pdf
Loan2004-11-022016-11-15PerpetualEUR90-VariableDebtTier 1-
Loan2004-11-02 2016-11-15PerpetualEUR93-VariableDebtTier 1-
FR00101672472005-03-11Already passedPerpetualEUR225-VariableEquityTier 1Download .pdf
FR00101672962005-03-11Already passedPerpetualEUR24-VariableEquityTier 1Download .pdf
FR00102030262005-06-27Already passedPerpetualEUR75-VariableEquityTier 1Download .pdf
FR00103183862006-05-162036-05-16PerpetualEUR160-5.25%EquityTier 1Download .pdf
FR00104060822006-12-202026-12-20PerpetualEUR108-VariableEquityTier 1Download .pdf
FR00109414842010-09-142020-09-142040-09-14EUR750A3/BBB+6%DebtTier 2Download .pdf
FR00110338512011-04-072021-09-302041-09-30EUR700A3/BBB+6.875%DebtTier 2Download .pdf
FR00110340652011-04-072021-09-302041-09-30GBP300A3/BBB+7.375%DebtTier 2Download .pdf
FR00119494032014-06-052025-06-052045-06-05EUR500A3/BBB+4.25%DebtTier 2Download .pdf
FR00123177582014-11-182024-11-18PerpetualEUR500A3/BBB+4%EquityTier 1Download .pdf
FR00130663882015-12-102027-06-102047-06-10EUR750A3/BBB+4.5%DebtTier 2Download .pdf
FR00131015992016-01-222029-01-222049-01-22USD500A3/BBB+6%DebtTier 2Download .pdf
FR00132138322016-10-20-2022-10-20EUR1 000A3/BBB+1.875%DebtTier 3Download .pdf
FR00133365342018-06-272028-06-27PerpetualEUR500Baa3/BBB4.75%EquityTier 1Download .pdf
FR0013399680 - SERIES N°1 TRANCHE N°1  2019-02-05-2029-02-05EUR500A3/BBB+2.75%DebtTier 2Download .pdf
FR0013463775 SERIES N°2 TRANCHE N°1 GREEN27/11/201927/07/203027/07/2050EUR750A3/BBB+2%DebtTier 2Download.pdf

(1) including grandfathering provisions
(2) only for public debt instruments

Download this table as pdf file

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
FR00004947181999-05-11-2009-05-11EUR4504,625%2009-05-11
FR00004852942001-04-112011-04-112021-04-11EUR7505,75%2011-04-11
FR00004744212003-05-162013-05-162023-05-16EUR3005,25%2013-05-16
IT00045074032009-06-23-2014-06-23EUR35Variable2014-06-23
FR00104097892006-12-222016-12-22PerpetualEUR1 2504,75%2016-12-22
FR00113455522012-10-182018-10-18PerpetualUSD5007,5%2018-10-18
FR00115384612013-07-182019-07-18PerpetualUSD5006.875%2019-07-18

Download this table as pdf file

EMTN Programme

The base prospectus of the €7 billion Euro Medium Term Notes programme received visa from the Autorité des marchés financiers on 21 December 2018.

Download the base prospectus
Download the 1st supplement dated 6 June 2019 to the 2018 base prospectus
Download the 2nd supplement dated 20 June 2019 to the 2018 base prospectus
Download the 3rd supplement dated 28 june 2019 to the 2018 base prospectus
Download the 4th supplement dated 15 November 2019 to the 2018 base prospectus

Green Bond  

 Download CNP Assurances' green bond framework
Download Vigeo Eiris's second party opinion on the green bond framework
Download Green bond investor presentation november 2019