The New Notes have, during the bookbuilding process, attracted an orderbook of EUR 4.5 billion, more than 7 times the offer, from more than 350 highly diversified international institutional investor base including a significant representation of funds with Green/SRI mandates.
The issuance attracted strong interest from international investors, who accounted for approximately 87% of allocated orders, confirming the strong reputation the Group enjoys on the international markets. 25% of the bond has been allocated to UK & Irish investors, 25% to French accounts and Benelux, approximately 19% to Italian and Spanish investors, 18% to German and Suisse investors. The deal has seen also an 8% allocation to Nordics and 2% to Asian investors.
Generali will announce tomorrow the final results of the tender offer launched by Generali (the Invitation) on three series of subordinated notes with first call dates in 2022 (the Notes) pursuant to the tender offer memorandum dated 30 June 2020 (the Tender Offer Memorandum).
Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank Aktiengesellschaft, Mediobanca - Banca di Credito Finanziario S.p.A., Merrill Lynch International and Natixis are acting as Joint Lead Managers of the New Notes as well as Dealer Managers of the Invitation. Deutsche Bank Aktiengesellschaft and Merrill Lynch International are also acting as Structuring Advisers on the Invitation.
Cristiano Borean, CFO of Generali Group, commented:
"These two transactions will further extend the average maturity of our debt, consistently with our proactive approach in shaping the debt maturity profile. Moreover, they will also lead to a further reduction in the annual gross interest expense. I am also pleased by the strong reception of our second Green Bond, which confirms our commitment to Sustainability."