Paris, 9th December 2015
On 1st December 2015, CNP Assurances completed a €750 million issue of subordinated bonds with a final maturity date of 10th June 2047 and a first-call date of 10th June 2027. CNP Assurances took advantage of current
favourable market conditions in order to prepare the refinancing of upcoming redemptions.
The strong order book gathered €2.2 billion from 175 institutional European investors. This success reaffirms the interest for and the trust in CNP Assurances credit.
The issue is structured to be recognized as capital under both Standard & Poor’s criteria and insurance regulations. The bonds, which will be eligible as Tier 2 capital under Solvency 2 standards, are CNP Assurances’ first subordinated issue not benefiting from the transitional measures (grand-fathering) introduced by the Solvency 2 Directive.
The bonds will pay a 4.5% fixed-rate coupon over the first 11.5 years, and will then be converted to a floating rate with a step up of 100 basis points. The new bonds are rated BBB+ by Standard & Poor’s, given the rating methodology applied to hybrid debt.
Settlement is scheduled for 10th December 2015.
The prospectus will be available on the following websites: www.cnp.fr and www.amf-france.org.