CNP Issues Subordinated Debt.Business Editors PARIS--(BUSINESS WIRE)--April 28, 2003 CNP Assurances has today carried out a EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 300 million 20-year 5.25% subordinated bond issue at a 100 b.p. spread and with a 10-year call option. The bonds will be listed on the Luxembourg Stock Exchange The Luxembourg Stock Exchange (French: Bourse de Luxembourg) is a stock exchange based in Luxembourg City, in southern Luxembourg. . The issue was managed by CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation IXIS Capital Markets and SG Investment Banking. The issue strengthens CNP Assurances' financing capabilities and solvency margin on excellent terms. At 31 December 2002, the Group's solvency margin already represented 2.21 times the regulatory minimum. Excluding capital gains, the minimum requirement was covered 1.07 times. The spread obtained by CNP Assurances is one of the lowest negotiated by a European insurer for an issue of this type, testifying to the Group's exceptionally sound balance sheet. At 31 December 2002, CNP had subordinated debt of EUR1,153 million. (REUTERS:CNPP.PA)(BLOOMBERG:CNPA)(SICOVAM SICOVAM Société Interprofessionelle pour la Compensation des Valeurs Mobilières :12022) |
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