generali-conmences-the-first-sustainability-bond

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Generali has announced the placement of a new euro-denominated Tier 2 bond due in 2032. The bond was issued as a “sustainability bond” in accordance with the company’s sustainability bond framework. The net proceeds from the issue will be used to finance and refinance eligible sustainability projects.

There will also be a €50,000 (approx. CA$73,390.75) donation to Generali’s foundation, The Human Safety Net-ONLUS, which aims to assist people living in vulnerable circumstances.

The bond attracted an order book of €2.2 billion from around 180 international institutional investors, including a significant number of funds with sustainability mandates, Generali said.

International investors accounted for about 93% of allocated orders on the issuance, according to Generali. About 36% of the bond has been allocated to French and Benelux investors, 29% to German and Swiss investors and about 14% to Italian and Spanish investors.

“This transaction will further extend the average maturity of our debt, consistent with our proactive approach in shaping the debt maturity profile and will provide the opportunity for Generali to finance green and social projects,” said Cristiano Borean, group CFO for Generali.

“Moreover, this will lead to a further reduction in the annual gross interest expense considering our outstanding debt profile. Sustainability is an enabler of the Generali 2021 strategy. I am pleased by the strong reception of our first sustainability bond, which confirms our commitment to sustainability and to support the development of the market for green, social and sustainable bonds in Europe.”


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