CNP Assurances mandated Natixis as sole global coordinator and joint bookrunner to manage its first subordinated € 500mTier 2 bond issue as part of its EMTN program (Euro Medium Term Notes). This is the first issuance for CNP out off its EMTN program in which Natixis acted as sole Arranger.
The issue with 10-year maturity was largely oversubscribed, notching up €2.4bn in orders from more than 200 investors located mainly in Europe i.e. France (35%), the UK and Ireland (25%), Germany and Austria (17%) and Italy (7%).
The transaction was structured for the notes to be eligible as Tier 2 capital under Solvency II.