CNP Assurances Announces Successful €500 Million Tier 2 Bond Issuance

CNP Assurances SA has successfully issued a €500 million Tier 2 subordinated bond. The notes have a maturity of thirty years and an interest rate of 4.875% fixed until July 16, 2034. These notes can be called from 9.5 years after issuance and qualify as Tier 2 capital under Solvency II regulations.

The issuance, completed on July 10, was significantly oversubscribed, with the order book reaching €2.2 billion. Investors showed strong confidence in the company's financial stability. The bond attracted over 110 investors, predominantly asset managers, insurers, pension funds, and private banks. Geographically, the demand was strongest from France, the UK/Ireland, and Germany/Austria/Switzerland.

Rated BBB+ by Standard & Poor’s and A3 by Moody’s, the bond will help CNP Assurances meet its upcoming debt maturities. Settlement is scheduled for June 16, 2024.