CNP ASSURANCES (EPA:CNP) - [CNP Assurances] Successful issuance of $700m Restricted Tier 1 perpetual notes

Transparency directive : regulatory news

30/03/2021 07:49

Press Release
Paris, 29 March 2021

  CNP Assurances announces the successful issuance of $700m Restricted Tier 1
                                perpetual notes

CNP Assurances has successfully placed $700 million of subordinated Restricted
Tier 1 notes.

These perpetual notes bear a 4.875% fixed rate until 7 April 2031. They feature
a principal write-down mechanism together with a mandatory interest
cancellation in case of solvency deficiency of CNP Assurances, as required by
the Solvency II directive.

The notes were swapped into EUR for a 10-year period providing an effective
yield cost to CNP Assurances of 2.852%.

This issuance will allow CNP Assurances to prepare next call dates and to
optimize its capital structure, while maintaining its financial flexibility to
issue Restricted Tier 1, Tier 2 and Tier 3 subordinated notes. The proceeds of
the notes will be eligible for inclusion in Solvency II regulatory capital.

The notes were placed with nearly 200 investors, 77% of whom are asset
managers, insurers and hedge funds, and 23% are public investors and banks. It
was subscribed by investors from the UK/Ireland (37%), Asia (28%), France
(12%), Switzerland (9%), Benelux (5%) and other countries (9%). The issue was
almost four times oversubscribed with a total order book of $2.7 billion,
attesting to their confidence in CNP Assurances' financial strength.

The notes are rated BBB by S&P, Baa3 by Moody's and BBB- by Fitch.

Settlement is scheduled for 7 April 2021. The final terms of the issue will be
published on the Company's website, www.cnp.fr and on the Autorité des
Marchés Financiers' website, www.amf-france.org.

About CNP Assurances

A benchmark player in the French personal insurance market, CNP Assurances is
active in 19 countries in Europe and Latin America, with a significant presence
in Brazil, its second largest market. Acting as an insurer, co -insurer and
reinsurer, CNP Assurances develops innovative personal risk/protection and
savings/pens ions solutions. It has more than 36 million personal
risk/protection insureds worldwide and more than 12 million savings/pensions
policyholders. In line with its business model, the Group's solutions are
distributed by multiple partners. The solutions are aligned with each partner's
physical or digital distribution model, while also being tailored to local
clients' needs in each country.

CNP Assurances has been listed on the Paris Stock Exchange since October 1998.
The Group reported net profit of EUR1,350 million in 2020.

Press contacts

Florence de Montmarin   +33 (0)1 42 18 86 51
Tamara Bernard          +33 (0)1 42 18 86 19
Caroline Ceintrey       +33 (0)1 42 18 85 73
servicepresse@cnp.fr

Investors and analysts

Nicolas Legrand        /+33 (0)1 42 18 65 95
Jean-Yves Icole         +33 (0)1 42 18 86 70
Typhaine Lissot         +33 (0)1 42 18 83 66
infofi@cnp.fr

Follow us on: Twitter, Linkedin, Facebook

CNP Assurances / Headquarters: 4, place Raoul Dautry 75716 Paris cedex 15 -
00 33 1 42 18 88 88 / www.cnp.fr / Société anonyme. Paid up capital
EUR686,618,477 / Registration no. 341 737 062 RCS Paris - Governed by the
French Insurance Code (Code des assurances)

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25/04/2024 07:30

CNP ASSURANCES (EPA:CNP) - [CNP Assurances] Successful issuance of $700m Restricted Tier 1 perpetual notes

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