CNP Assurances has successfully placed €500 millions of subordinated Restricted Tier 1 notes on the 24th June 2025. This perpetual note bears a 5,50% fixed rate with a first call date on the 2nd July 2032.
This issuance will allow the group CNP Assurances to prepare the upcoming bond maturities and optimize its capital structure, while maintaining its financial flexibility in issuing Restricted T1, Tier 2 and Tier 3 subordinated securities. The proceeds of the note will be eligible for inclusion in Solvency II regulatory capital.
The notes were placed with nearly 100 investors, 75% of whom are asset managers, 14% insurers and hedge funds, 6% banks and 5% other public investors. It was subscribed by investors from the UK/Ireland (27%), France (20%), Germany, Austria and Switzerland (15%), Benelux (15%), southern European countries (13%) and other countries (10%).
The issue was almost three times oversubscribed with a total order book of $1.5 billion, attesting to their confidence in the group CNP Assurances’ financial strength.
The notes are rated Baa2 by Moody’s and BBB by Fitch Ratings.
Settlement is scheduled for 2nd July 2025. The final terms of the issue will be published on the Company’s website, www.cnp.fr section Debts and credit ratings and on the Autorité des Marchés Financiers’ website.