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CNP Assurances
Capital/Financing Update • Jul 11, 2024
1208_iss_2024-07-11_d63fc45c-c4d9-4768-94ad-8d57700c317a.pdf
Capital/Financing Update
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Press Release
Issy-les-Moulineaux, 11h July 2024
CNP Assurances SA announces the success of the issuance of a €500 million Tier 2 subordinated bond.
On the 10th of July, CNP Assurances has successfully completed a Tier 2 subordinated issue, placing €500 million worth of thirty-year notes callable at the issuer's option starting from 9.5 years, and bearing interest at a fixed rate of 4.875%, until July 16, 2034. The notes qualify as Tier 2 capital under Solvency II.
The notes were placed with more than 110 investors, 62% of whom were asset managers, 24% insurers and pension funds and 9% private banks, based in France (30%), UK/Ireland (21%), Germany/Austria/Switzerland (14%), Northern Europe (12%), Benelux (11%), and other countries (12%). The issue was 4,4 times oversubscribed with a total order book of €2.2 billion, attesting to investor confidence in CNP Assurances' financial strength.
The notes are rated BBB+ by Standard & Poor's and A3 by Moody's.
This issuance will ensure that CNP Assurances has the funds in place to meet its upcoming debt maturities.
Settlement is scheduled for 16 th June 2024. The final terms will be available at www.cnp.fr and on the website of France's securities regulator (AMF) www.amf-france.org.
About CNP Assurances group
The CNP Assurances group is a property and personal insurer with more than 7,000 employees. Its net profit has reached €1,550 billion in 2023 (IFRS 17). A subsidiary of La Banque Postale, the Group is No. 1 in property loan insurance and No. 2 in life insurance in France. It is the 5th largest insurer in Europe and the 3rd largest in Brazil. Its solutions are distributed in 19 countries by various partners and insure more than 36 million people in personal protection and 14 million for savings and pensions. CNP Assurances is a responsible insurer and investor (€400 billion invested in all sectors of the economy), working to promote an inclusive and sustainable society by providing solutions that protect and facilitate all life journeys.
| Media | Investors and analysts | ||
|---|---|---|---|
| Florence de Montmarin Tamara Bernard |
01 42 18 86 51 01 42 18 86 19 |
Céline Byl Anne-Laure Le Hunsec Sophie Nato |
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