Generali: first green bond largely oversubscribed
(CercleFinance.com) - Generali has raised 750 million euros from its first green bond issue, completing a round of transactions that will reduce the Italian insurer's debt by approximately 250 million euros.
The new notes attracted orders in excess of 2.7 billion euros - 3.6 times the offer - from a base of international institutional investors including a fund with green/SRI mandates.
The bond also marks the lowest coupon ever paid by Generali on a subordinated bond, the company said.
The deal represents the first green bond issued by a European insurance company.
Green bonds are designed to fund environmentally friendly projects.
Generali also completed the tender offer on three series of subordinated notes with first call dates in 2022.
The transactions will reduce itsdebt by approximately 250 million euros, Generali said, leading to around a 68 million euro reduction in the group's annual gross interest expense.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The new notes attracted orders in excess of 2.7 billion euros - 3.6 times the offer - from a base of international institutional investors including a fund with green/SRI mandates.
The bond also marks the lowest coupon ever paid by Generali on a subordinated bond, the company said.
The deal represents the first green bond issued by a European insurance company.
Green bonds are designed to fund environmentally friendly projects.
Generali also completed the tender offer on three series of subordinated notes with first call dates in 2022.
The transactions will reduce itsdebt by approximately 250 million euros, Generali said, leading to around a 68 million euro reduction in the group's annual gross interest expense.
Copyright (c) 2019 CercleFinance.com. All rights reserved.