Paris, 6 april 2011
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 capital treatment.
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 (http://www.cnp.fr/) and the AMF's website (http://www.amf-france.org/).
Disclaimer:
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 United States or any other jurisdiction where such offer may be restricted. Securities may not be offered or sold in the United 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 United States. Copies of this document are not being, and should not be, distributed in or sent into the United States.
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 persons.
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.