Generali places €750 million Tier 2 subordinated bond

Generali has placed a new euro-denominated subordinated Tier 2 bond for a total amount of €750 million, reserved for institutional investors. The bond matures on 3 June 2037 and was issued under Generali's €15 billion EMTN programme, renewed just days prior to the transaction. The securities will be listed on the professional segment of the regulated market of the Luxembourg Stock Exchange and on the professional segment of Euronext Access Milan.

The issuance attracted strong market interest, with total orders exceeding €1.5 billion — more than twice the offer size — from a highly diversified base of approximately 128 international institutional investors. HSBC Continental Europe acted as sole global coordinator and joint lead manager, while Banco Bilbao Vizcaya Argentaria S.A., Goldman Sachs International, Intesa Sanpaolo S.p.A., Mediobanca – Banca di Credito Finanziario S.p.A., Société Générale and UniCredit Bank GmbH acted as joint lead managers.

Generali was assisted by Cappelli Riolo Calderaro Crisostomo Del Din & Partners (CRCCD), with a team led by senior partner Michele Crisostomo and partner Guido Bartolomei, supported by counsel and solicitor Fiona Chung, senior associate and solicitor Bianca Casini and junior associate Giuliano Tullio.

The financial institutions were assisted by Clifford Chance, with a team led by partner Gioacchino Foti and comprising senior of counsel Filippo Emanuele, counsel Jonathan Donald Astbury, senior associates Francesco Napoli and Nicole Paccara, and associate Lorenzo Mereghetti. Tax matters were handled by Clifford Chance's tax team, led by partner Carlo Galli and comprising senior associate Andrea Sgrilli and associate Greta Gavazzoni.

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