(Finance) – General has placed, today, two new senior bonds denominated in euros maturing in January 2029 and January 2034 respectively, both issued in the context of its EMTN programme, in “green” format pursuant to its Green,
Social & Sustainability Bond Framework.
The operation – explains a note – is in line with Generali’s commitment to sustainability. An amount corresponding to the net proceeds of the 2029 Securities and the 2034 Securities will, in fact, be used to finance/refinance “Eligible Green Projects”.
During the placement phase, total orders for the two series of securities amounting to more than 2 billion euros were collected from over 80 highly diversified international institutional investors, including a significant representation of funds with sustainable/SRI mandates.Both issues sparked a strong interest from international investorswhich represented over 80% and 90% of the orders placed for the 2029 and 2034 Securities respectively, confirming the strong reputation enjoyed by the Group on international markets.
35% of the 2029 Securities were allocated to Italian and French investors, 30% to investors in Germany, followed by Spain and Portugal with 13%. Considering the 2034 Securities instead, 30% was allocated to UK investors, approximately 30% to Italian and French investors, followed by German investors who represented approximately 22%.
The Group CFO of Generali, Cristiano Boreanstated: “The excellent outcome of the placement of today’s two green issues is afurther confirmation of Generali’s solid financial position and our approach to sustainability. Following this operation, the Group appears to have placed a total of eight bonds with ESG characteristics. It is expected that, by the end of 2024, ‘green’ and ‘sustainable’ bonds will represent approximately 40% of all our outstanding financial debt. This result is fully in line with the objective of efficient management of debt and its costs, combined with a strong commitment to sustainability, as envisaged in the Lifetime Partner 24: Driving Growth strategic plan.”