Generali Launches Subordinated Bond, Collects Over EUR8 Billion Demand
December 05 2012 - 6:25AM
Dow Jones News
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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