{"id":47309,"date":"2015-12-10T00:14:34","date_gmt":"2015-12-09T23:14:34","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/cnp-assurances-successfully-completes-e750-million-subordinated-bond-issue\/"},"modified":"2015-12-10T00:14:34","modified_gmt":"2015-12-09T23:14:34","slug":"cnp-assurances-successfully-completes-e750-million-subordinated-bond-issue","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/cnp-assurances-successfully-completes-e750-million-subordinated-bond-issue\/","title":{"rendered":"CNP Assurances successfully completes \u20ac750-million subordinated bond issue."},"content":{"rendered":"<p>On 1st December 2015, CNP Assurances completed a \u20ac750 million issue of subordinated bonds with a final<br \/>\nmaturity date of 10th June 2047 and a first-call date of 10th June 2027. CNP Assurances took advantage of current<br \/>\nfavourable market conditions in order to prepare the refinancing of upcoming redemptions.<\/p>\n<p><quote><br \/>\nThe strong order book gathered \u20ac2.2 billion from 175 institutional European investors. This success reaffirms the<br \/>\ninterest for and the trust in CNP Assurances credit.<\/quote><\/p>\n<p>The issue is structured to be recognized as capital under both Standard &#038; Poor\u2019s criteria and insurance regulations.<br \/>\nThe bonds, which will be eligible as Tier 2 capital under Solvency 2 standards, are CNP Assurances\u2019 first<br \/>\nsubordinated issue not benefiting from the transitional measures (grand-fathering) introduced by the Solvency 2<br \/>\nDirective.<\/p>\n<p><quote><br \/>\nThe bonds will pay a 4.5% fixed-rate coupon over the first 11.5 years, and will then be converted to a floating rate<br \/>\nwith a step up of 100 basis points.<\/quote><br \/>\n The new bonds are rated BBB+ by Standard &#038; Poor\u2019s, given the rating<br \/>\nmethodology applied to hybrid debt.<\/p>\n<p>Settlement is scheduled for 10th December 2015. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The strong order book gathered \u20ac2.2 billion from 175 institutional European investors. This success reaffirms the<br \/>\ninterest for and the trust in CNP Assurances credit.<\/p>\n","protected":false},"author":20,"featured_media":47307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1655,1856,1859,1671,1681,1651,2103,1952],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/47309"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=47309"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/47309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/47307"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=47309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=47309"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=47309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}