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Article: CNP Assurances Launches a Successful Inaugural Perpetual Bond With Innovative Features.
- Article from:
- PR Newswire
- Article date:
- June 8, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CNP Assurances decided to take advantage of current favourable conditions on the subordinated debt market to reinforce its solvency ratio through the launch of a Euro 250 million junior subordinated issue.
This subordinated bond is junior to all other subordinated debt issues launched previously by CNP Assurances. The Company is the first French insurer to issue "Titres Super Subordonnes" through the legal framework set up by the "Loi de Securite Financiere" of 1 August 2003.
HSBC, sole bookrunner for the transaction, achieved pan European distribution. In response to strong demand from Benelux and Swiss investors, who took up three-quarters of the ...