Italian insurer UnipolSai Assicurazioni SpA launched the placement of a €500 million subordinated debenture loan with qualified investors.
The 10-year loan will expire in March 2028 and carries a coupon of 3.875%. The issue price was set at 100% and the spread was 274.5 basis points over the reference rate.
The issue received orders from approximately 200 investors, the Unipol Gruppo SpA unit said. The securities are classified under Tier 2 own funds for Solvency II purposes.
J.P. Morgan, Mediobanca — Banca di Credito Finanziario SpA and UniCredit are acting as joint lead managers.