The notes were placed with more than 90 investors, 75% of whom were asset managers, 19% insurers and pension funds and 5% private banks, based in France (29%), Northern Europe (21%), Benelux (19%), Germany/Austria (15%), UK/Ireland (9%) and other countries (7%). The issue was more than 2.2 times oversubscribed with a total order book of €1.1 billion, attesting to investor confidence in CNP Assurances’ financial strength.
The notes are rated A- by Standard & Poor’s and BBB+ by Fitch.
This issuance will ensure that CNP Assurances has the funds in place to meet its upcoming debt maturities while maintaining the financial flexibility to issue subordinated notes.
Settlement is scheduled for 27 January 2022. The final terms will be available at www.cnp.fr and on the website of France’s securities regulator (AMF) www.amf-france.org.
