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Generali Launches Subordinated Bond, Collects Over EUR8 Billion Demand

Date : 12/05/2012 @ 4:55PM
Source : Dow Jones News
Stock : Generali Ass (G)
Quote : 16.35  0.48 (3.02%) @ 9:00PM
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Generali Launches Subordinated Bond, Collects Over EUR8 Billion Demand

Generali (BIT:G)
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   By Serena Ruffoni 
 

Italian insurance giant Assicurazioni Generali (G.MI) has lowered its interest rate expectations for its proposed subordinated bond after drawing more demand than it first anticipated.

The 30-year bond has attracted over eight billion euros ($10.4 billion), one of the banks arranging the deal said Wednesday after a series of investor meetings in Europe. It is now expected to price at 7.75%, instead of around 8.125% indicated earlier in the morning.

Credit Agricole, Morgan Stanley, Nomura, UBS and UniCredit are arranging the meetings.

The bond will be rated Baa3 by Moody's Investors Service, BBB+ by Standard & Poor's and BBB- by Fitch Ratings. Ratings are lower than Generali's credit rating because the bond ranks junior to the company's senior securities.

Write to Serena Ruffoni at serena.ruffoni@dowjones.com

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