{"id":57121,"date":"2016-10-13T07:07:08","date_gmt":"2016-10-13T05:07:08","guid":{"rendered":"http:\/\/beta.next-finance.net\/news\/cnp-assurances-announces-the-successful-issue-of-the-first-tier-3-euro-denominated-subordinated-bonds\/"},"modified":"2016-10-13T07:07:08","modified_gmt":"2016-10-13T05:07:08","slug":"cnp-assurances-announces-the-successful-issue-of-the-first-tier-3-euro-denominated-subordinated-bonds","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/news\/cnp-assurances-announces-the-successful-issue-of-the-first-tier-3-euro-denominated-subordinated-bonds\/","title":{"rendered":"CNP Assurances announces the successful issue of the first Tier 3 euro-denominated subordinated bonds"},"content":{"rendered":"<p><em> <strong>On 12 October 2016, CNP Assurances successfully completed the first issue of Tier 3 euro-denominated subordinated bonds by a European insurer.<\/strong> <\/em><\/p>\n<p>The bonds, issued in an amount of \u20ac1 billion, are non-callable bullet bonds and will mature in 6 years. They are rated BBB+ by Standard &#038; Poor\u2019s, rank pari passu with the previously issued Tier 2 subordinated notes, and pay a 1.875% fixed rate of interest until October 2022. This is<br \/>\nthe lowest fixed coupon paid by CNP Assurances since the Group\u2019s inaugural subordinated<br \/>\nissue in 1999. This is also the lowest fixed coupon ever paid by a European insurer for a euro<br \/>\ndenominated subordinated debt. <\/p>\n<p>The bonds are intended to support the growth in CNP Assurances&#8217; business in Europe and<br \/>\nLatin America by taking advantage of the Solvency 2 Directive that entered into force at the<br \/>\nbeginning of 2016 and recognises Tier 3 bonds as the least onerous form of regulatory capital.<br \/>\nThe bond issue will reduce the Group&#8217;s average cost of financing by around 40 bps at 4.5%. <\/p>\n<p>The issue was placed with 335 investors and the order book totalled \u20ac7 billion. The Tier 3 bond<br \/>\nissue allows CNP Assurances to diversify its bond-investor base by offering a less risky<br \/>\ninstrument than a Tier 2 bond, notably via a coupon deferral clause in the event of a breach of<br \/>\nthe Minimum Capital Requirement (MCR) rather than the Solvency Capital Requirement (SCR),<br \/>\nthereby providing investors with an additional degree of comfort. This new success confirms<br \/>\ninvestors&#8217; interest and confidence in the CNP Assurances signature. <\/p>\n<p>Settlement is scheduled for 20 October 2016. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bonds, issued in an amount of \u20ac1 billion, are non-callable bullet bonds and will mature in 6 years. They are rated BBB+ by Standard &#038; Poor\u2019s, rank pari passu with the previously issued Tier 2 subordinated notes, and pay a 1.875% fixed rate of interest until October 2022. <\/p>\n","protected":false},"author":20,"featured_media":57119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1470],"tags":[1856,1859,1866,1671,1681,1651,2103,1952],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/57121"}],"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=57121"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/57121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/57119"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=57121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=57121"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=57121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}