CNP Assurances: successful 700m dollar bond issue
(CercleFinance.com) - CNP Assurances announces the success of its 700 million dollar Restricted Tier 1 subordinated bond issue, an undated bond bearing interest at a fixed rate of 4.
875% until 7 April 2031.
The bond was placed with approximately 200 investors, of which 77% were asset managers, insurers and pension funds, and 23% were public bank investors.
The bonds were swapped into euros for a period of 10 years, which enabled CNP Assurances to obtain an effective rate of 2.852%.
This issue will enable the CNP Assurances group to prepare for future bond maturities and to optimise its capital structure.
The issue was nearly four times oversubscribed to, with a total order book of 2.7 billion dollars, demonstrating investors' confidence in the financial strength of CNP Assurances, the company said.
The securities are rated BBB by S&P, Baa3 by Moody's and BBB- by Fitch.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
875% until 7 April 2031.
The bond was placed with approximately 200 investors, of which 77% were asset managers, insurers and pension funds, and 23% were public bank investors.
The bonds were swapped into euros for a period of 10 years, which enabled CNP Assurances to obtain an effective rate of 2.852%.
This issue will enable the CNP Assurances group to prepare for future bond maturities and to optimise its capital structure.
The issue was nearly four times oversubscribed to, with a total order book of 2.7 billion dollars, demonstrating investors' confidence in the financial strength of CNP Assurances, the company said.
The securities are rated BBB by S&P, Baa3 by Moody's and BBB- by Fitch.
Copyright (c) 2021 CercleFinance.com. All rights reserved.