Generali Group announces the buyback of three series of subordinated notes for an amount up to €1 billion and launches its first green bond

Trieste – Generali today announced a buyback offer for its Notes with first call dates in 2022, targeting the purchase of an aggregate principal amount of up to €1,000,000,000. Generali also announced the issuance of a new Tier 2 bullet green bond, the first green bond launched by the Group.

The Invitation is in line with Generali’s proactive approach to managing its debt and aims at efficiently refinancing its subordinated notes with first call dates falling between February 2022 and December 2022. This refinancing will bring the Group closer to the objectives of the Generali 2021 strategy announced in November 2018.

The transaction is expected to enable the Generali Group to:

1. reduce its external financial debt by approximately €250 million;
2. reduce interest costs in future years;
3. achieve a more balanced maturity profile while optimising its regulatory capital structure.

Issued with a maturity of 2030 under its Euro Medium Term Note Programme, the green bond is to be offered to qualified investors. This bond issue is in line with the Generali “Green Bond Framework” recently established by the Group and received a Second Party Opinion by Sustainalytics. The new issue represents another important step in fulfilling Generali’s sustainability commitments, whose progress was also recognised by the recent inclusion of the Generali Group in the Dow Jones Sustainability Europe Index, following the Group’s noted presence in the Dow Jones Sustainability World Index.

Note: NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED) OR IN OR INTO OR TO ANY PERSON LOCATED AND RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THE TENDER OFFER MEMORANDUM.

The complete press release can be downloaded below: