On the 10th of July, CNP Assurances has successfully completed a Tier 2 subordinated issue, placing €500 million worth of thirty-year notes callable at the issuer’s option starting from 9.5 years, and bearing interest at a fixed rate of 4.875%, until July 16, 2034. The notes qualify as Tier 2 capital under Solvency II.
The notes were placed with more than 110 investors, 62% of whom were asset managers, 24% insurers and pension funds and 9% private banks, based in:
- France (30%),
- UK/Ireland (21%),
- Germany/Austria/Switzerland (14%),
- Northern Europe (12%),
- Benelux (11%),
- and other countries (12%).
The issue was 4,4 times oversubscribed with a total order book of €2.2 billion, attesting to investor confidence in CNP Assurances' financial strength.
The notes are rated BBB+ by Standard & Poor’s and A3 by Moody’s.
This issuance will ensure that CNP Assurances has the funds in place to meet its upcoming debt maturities.
Settlement is scheduled for 16th June 2024. The final terms will be available at our website cnp.fr and on the website of France’s securities regulator (AMF) www.amf-france.org