Generali places two new euro dominated senior bonds

Written by Adam Cadle

10/01/2024

Generali has placed two new Euro denominated senior bonds, due respectively in January 2029 and in January 2034, both issued in ‘green’ format in accordance with its Green, Social & Sustainability Bond Frameworks (the 2029 notes and the 2034 notes).

The transaction is in line with Generali’s commitment on sustainability matters. An amount corresponding to the net proceeds of the 2029 notes and the 2034 notes will be used to finance/refinance eligible green projects.

During the book building process, the notes attracted an aggregate order book in excess of €2bn from more than 80 highly diversified international institutional investors throughout the book-building process, including a significant representation of funds with sustainable/SRI mandates.

The issuances have attracted strong interest from international investors, Generali said, which accounted for over 80% and 90% of the allocated orders for the 2029 notes and 2034 notes respectively. About 35% of the 2029 notes has been allocated to Italian and French investors,30% to Germany, followed by Iberia taking around 13%. Regarding the 2034 notes, 30% has been allocated to UK investors, about 30% to Italian and French investors, followed by Germany representing around 22%.

Generali Group CFO, Cristiano Borean, commented: “The successful placement of the two green bonds issued today is a further confirmation of Generali's solid financial position and of our approach to sustainability. Following this transaction, the group has issued a total of eight bonds with ESG features. Green and Sustainable bonds are expected to represent around 40% of our total outstanding financial debt by the end of 2024. This result is fully in line with the objective of a cost efficient debt management, combined with a strong commitment to sustainability, outlined in the 'Lifetime Partner 24: Driving Growth' strategic plan.”

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