Generali proves value of green T2

By David Freitas
26 Sep 2019

Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports.

European banks have plunged enthusiastically into the green and sustainable bond markets in the past few years. But although there is clear evidence that green debt can often be priced more tightly than equivalent ordinary bonds, due to the extra, non-financial value investors get from buying green paper, ...

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