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Groupama Successfully Issues EUR 500 Million Subordinated Debt
On May 19, 2025, Groupama announced the successful issuance of Euro-denominated fixed rate subordinated notes worth EUR 500 million. Due in 2035, these notes were issued to institutional investors with an annual coupon rate of 4.375%. The pricing was set at MS+190. This strategic move aims to optimize Groupama's capital structure by leveraging favorable market conditions.
The issuance drew substantial investor interest, with the order book exceeding five times the supply. The notes, rated BBB+ by Fitch, will be settled on May 26, 2025, and traded on Euronext Paris. Prominent institutions such as Natixis, Barclays, BNP Paribas, Citigroup, J.P. Morgan, and Morgan Stanley served as joint bookrunners.
R. P.
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