Guidance: 8.125% area
Comp
Similar ASSGEN 10.125 2042, callable 7/22, trades at 7.45 / 7.40 YTC
Issuer: Assicurazioni Generali S.p.A.
Financial Strength: A (S&P) / Baa1 (Moody’s) / A- (Fitch)/A (AM Best)
Expected Issue Rating: [BBB+ (S&P)CW- / Baa3 (Moody’s) / BBB- (Fitch)/
BBB+ (AM Best)]
Securities Offered: Senior Dated Subordinated Notes
Subordination: Subordinated, ranking junior to all present
unsubordinated securities and senior to any existing
dated deeply subordinated and hybrid obligations
Issue Amount: EUR Benchmark
IPT: 8.125% area
Launch Date: [5]-Dec-2012
Settlement Date: [12]-Dec-2012 - [T+5]
Scheduled Maturity: [12]-Dec-2042
First Call Date: [12]-Dec-2022
Coupon: [xx]% Fixed annually until First Call Date, thereafter
3mE+[xx] (including 100bps step-up)
Listing: Luxembourg Stock Exchange
Governing Law: English law
Minimum Denominations
+ Increment: €100k + €100k
Documentation: EUR 7 billion EMTN Programme
Use of proceeds: The bond’s proceeds will be used to meet part of its
financing requirement to support corporate strategy
Joint Lead Managers: Credit Agricole CIB, Mediobanca, Morgan Stanley,
Nomura, UBS, UniCredit
Conditions to Scheduled Maturity:Redemption subject to no Regulatory
Intervention and regulatory approval if
required as more fully described in the documentation
Optional Redemption: On First Call Date and each subsequent interest
payment date there after at Par.In case of redemption
for Tax Reasons or Rating Event at Par.In case of
redemption for Regulatory Event, at the greater of (i)
Par or (ii) Make Whole Amount
Mandatory Suspension of Redemption:Yes (subject to Redemption Suspension
Event, breach of Solvency Margin, insufficiency of ow
funds as more fully described in the documentation)
Optional Deferral: Yes (subject to no distribution and no
redemption/repurchase on Junior and Parity securities
or a partial distribution on Parity securities during
the look back period,save for any mandatory
distribution or redemption or below par redemption
or repurchase as more fully described in the
documentation).Cash Cumulative
Mandatory Deferral: Yes (on Regulatory Intervention and no dividend
declared after Regulatory Intervention as more fully
described in the documentation).Cash Cumulative
Sempre attentissimo
