On 15 January 2016, CNP Assurances completed a $500 million subordinated bond private placement with a major institutional investor. The issue will support the growth and strengthen the Group's balance sheet. The fixed for life issue will pay a 6% coupon in dollars which, after swap for euros, is in line with the level of the last notes issued by CNP Assurances in December 2015.

The final maturity is 33 years, with a first call date after 13 years. The issue is structured to be recognized as capital. The notes will be eligible as Tier 2 capital under Solvency 2 standards.

Settlement is scheduled for 22 January 2016.