Commentary & Deal Flow

Unipol Gruppo SpA (UNIIM) EUR250m (up from EUR100m minimum) Reg S add-on to its 3.25% sr notes Green Bond due Sept 23, 2030 (9.8y). NCL (3mo par call, clean-up call (80%)). Expect Ba2/NR/BB+. Via JPM. Annual pay (act/act). List Lux. English law. Bearer notes. Off the EMTM programme. Settles 11/26 (T+5). Existing Reg S ISIN: XS22374434803. Will become fungible after 40 days with the EUR750m issuer priced 09/16/20. IPT: ms+330bp area.

Priced: 3.25% at 102.546, yield 2.947%. +352bp vs DBR 0% 08/15/30. ms+320bp.

UOP: finance or refinance, in whole or in part, Green Eligible Projects according to the issuer’s Green Bond Framework. Biz: one of the biggest insurance groups in Europe offering both life and non-life insurance products. HQ: Bologna, Italy.