Gide advises CNP Assurances on the issuance of €500m Restricted Tier 1 perpetual notes

Gide has advised CNP Assurance on the inclusion of a Resticted Tier 1 option in its EMTN Programme as well as on the first issuance of €500 million subordinated Restricted Tier 1 notes thereunder. This transaction is the first issuance of Restricted Tier 1 perpetual notes within the frame of an EMTN Programme of a French issuer. The notes have been admitted to trading on Euronext Paris.

This issuance will allow the group CNP Assurances to prepare the upcoming bond maturities and optimize its capital structure, while maintaining its financial flexibility in issuing Restricted T1, Tier 2 and Tier 3 subordinated securities. The proceeds of the note will be eligible for inclusion in Solvency II regulatory capital

Gide’s team included partner Hubert du Vignaux, counsel Bastien Raisse and associate Akim Zellami on the capital markets aspects, and partner Laurent Modave on the tax aspects.

The joint bookrunners were advised by Allen Overy Shearman Sterling LLP.