CNP Assurances raises €500M in Tier 2 bond, oversubscribed threefold
What's the deal? French insurer CNP Assurances has issued €500 million in Tier 2 subordinated bonds, with NatixisDealroom has a profile for this one. Try Dealroom → leading the transaction alongside five other banks. The notes carry a fixed 5.375% coupon until 2037 and a 30.5-year maturity, callable after 10.5 years.
Why now? The order book reached €1.5 billion, leaving the issue oversubscribed threefold. More than 85 investors took part, including asset managers, insurers, pension funds, and private banks, primarily from France, the UK and Ireland, and Germany, Austria, and Switzerland.
What's the endgame? The bonds count as Tier 2 capital under the Solvency II directive, supporting CNP's regulatory capital and refinancing strategy. Standard & Poor's rated the notes BBB+ and Moody's assigned A3. Settlement is scheduled for November 17, 2026.
The signal: The deal fits a broader pattern of European insurers tapping subordinated debt to manage capital and refinance maturities. CNP issued €500 million of perpetual Restricted Tier 1 notes in June 2025, while GeneraliDealroom has a profile for this one. Try Dealroom → raised €750 million of Tier 2 debt in May 2026 — a run of deals pointing to steady investor appetite for insurer paper.
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