A player in ecological and social transition, CNP Assurances announces the successful issue of its first sustainable bond, carried out on January 11, 2023, for an amount of €500 million. The fixed annual coupon is 5,25% until july 18, 2033 and then will be floating beyond this date and until its maturity.
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A player in ecological and social transition, CNP Assurances announces the successful issue of its first sustainable bond, carried out on January 11, 2023, for an amount of €500 million. The fixed annual coupon is 5,25% until july 18, 2033 and then will be floating beyond this date and until its maturity.
The notes were placed next to 88 investors, 66% of whom were asset managers, 25% insurers and pension funds, 5% Central banks and Official institutions and 4% others, based in Germany/Austria/Switzerland (22%), Southern Europe (21%), Benelux (18%), UK/Ireland (17%), France (15%), Nordics (3%) and others countries (4%). The issue was 1,9 times oversubscribed with a total order book of €974 million, attesting to investor confidence in CNP Assurances’ financial strength.
The sustainable subordinated bond will mature on July 18, 2053 with early redemption options from january 18, 2033. This issue constitutes Tier 2 regulatory capital in accordance with Solvency 2 regulations.
The ratings assigned to this issue by Standard & Poor’s and Fitch Ratings are A- and BBB+ respectively.
The funds raised through this operation will be exclusively used to finance or re-finance, in part or in full, new and/or existing eligible Sustainable assets (Green and/or Social) as set out and defined in CNP Assurance’s Sustainability Bond Framework available on the website.
The Sustainable Bond Framework as the Second Party Opinion [1] are available on the website www.cnp.fr/en/the-cnp-assura...
Next Finance , January 2023
Article also available in : English | français
[1] SPO : Expert assessment of green, social or sustainability bond framework against the ICMA principles
The recent CTA performances encourage institutional investors to more closely monitor this type of hedge fund. Thus, according to Preqin, 52% of them wish to increase their exposure to this type of alternative strategy this year (vs 14% last (...)
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