great interest in the first sustainable subordinated bond

CNP Assurances announces the successful issuance of its first sustainable bond, executed on January 11, 2023, for an amount of 500 million euros.

The fixed annual coupon is 5.25% until July 18, 2033, after which it will be variable after that date and until its maturity.

The bond was placed with 88 investors, including 66% management companies, 25% insurance companies and pension funds, 5% central banks and official institutions and 4% others. It was subscribed by investors in Germany/Austria and Switzerland (22%), in Southern Europe (21%), in Benelux (18%), in Great Britain/Ireland (17%), in France (15%), Northern Europe ( 3%) and other countries (4%).

The issue was oversubscribed more than 1.9 times, with a total order book of €974 million, which shows investors’ confidence in CNP Assurance’s financial solidity.

This subordinated sustainable bond, which matures on 18 July 2053, benefits from early redemption options from 18 January 2033. This issue constitutes Tier 2 regulatory capital in accordance with the Solvency 2 rules.

The rating assigned to this issue by Standard & Poor’s and Fitch Ratings is ‘A-‘ and ‘BBB+’ respectively.

The funds raised as part of this operation will be used exclusively to finance or refinance, in whole or in part, new and/or existing eligible sustainable (green and/or social) assets, as defined in the ‘Sustainable Bond Framework’ .

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