(Alliance News) - Assicurazioni Generali Spa on Tuesday placed a new euro-denominated Tier 2 bond maturing in September, issued in green format under its Sustainability Bond Framework.

"The transaction is in line with Generali's commitment to sustainability. An amount corresponding to the net proceeds of the bonds will, in fact, be used to finance/refinance 'Eligible Green Projects,'" the company specified in a note.

During the placement of the securities, orders in excess of EUR1.1 billion, "more than twice the offer, were raised from a highly diversified base of around 180 international institutional investors, including a significant presence of funds with sustainable/SRI mandates," Generali adds.

The issue attracted strong interest from international investors, who accounted for about 90 percent of the placed orders: 39 percent of the bonds were allocated to French investors, 14 percent to investors in Germany and Austria, followed by Britain and Ireland with 13 percent.

Generali CFO Cristiano Borean said, "The successful placement of our fifth green bond once again testifies to our solid financial position and investors' confidence in our 'Lifetime Partner 24: Driving Growth' strategic plan. The transaction, consistent with our proactive approach to managing our bond maturity profile, will? further extend the average life of our debt, and enable? Generali to finance green projects in line with our commitment to sustainability."

Assicurazioni Generali's stock on Tuesday closed 0.5 percent in the red at EUR18.91 per share.

By Chiara Bruschi, Alliance News reporter

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