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Generali: Oddo maintains rating

(CercleFinance.com) - Generali has announced the result of its offer to repurchase three of its subordinated loans.

Total repurchase demands exceeded 1.5 billion euros, i.e. over 59% of the total debts.

Following this announcement, Oddo maintains its buy rating on the share, with a target price of 18.5 euros.

Oddo says that the Italian insurer has issued green bonds for a total of 750 million euros, maturing on 1 October 2030, with a coupon of 2.124%. It says that via these deals the group will reduce these debts by around 250 million euros.

Analysts add that all the deals that have been announced, will, in their opinion, reduce the group's annual debt costs by around 164 million euros.

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