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.


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