Deals | Paris | Capital markets

Gide Loyrette Nouel acted as legal counsel to CNP Assurances on the issue of its USD 500 million perpetual subordinated notes, placed mainly with Asian investors.

The issue was 20 times over-subscribed, with orders reaching EUR 10 billion from 160 investors.

The notes will pay 7.5% interest through to 2018, after which the rate will be adjusted every six years on the basis of the six-year mid swap rate in dollars.

CNP Assurances was advised by Gide Loyrette Nouel with a team comprising Hubert du Vignaux, partner, and Théophile Strebelle. Co-leading banks (HSBC Bank plc, BNP Paribas, Citibank International plc, Goldman Sachs International, J.P. Morgan Securities plc and Nomura International plc) were advised by Allen & Overy with a team comprising François Poudelet, partner, and Laurent Vincent.