(Alliance News) - UnipolSai Assicurazioni Spa announced Thursday evening that it has successfully completed the placement of a EUR750 million subordinated Tier 2 instrument with Italian and foreign institutional investors.

The issue and settlement date of the Tier 2 is scheduled for May 23, and the Tier 2 is issued at

99.853% and corresponds to a fixed yearly coupon of 4.9%.

Orders exceeding EUR1.65 billion were collected during the placement, with book coverage of about 2.2 times. About 80 percent of Tier 2 was placed with foreign institutional investors.

The expected rating of Tier 2 is Ba1 for Moody's and BBB- for Fitch.

The securities will be listed on the regulated market of the Luxembourg Stock Exchange.

UnipolSai closed Thursday in the green by 0.4 percent at EUR2.69 per share.

By Chiara Bruschi, Alliance News reporter

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