Reuters: Financial Services and Real Estate: Generali readies 30-yr subordinated bond

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Generali readies 30-yr subordinated bond May 8th 2012, 14:15 MILAN | Tue May 8, 2012 10:15am EDT MILAN May 8 (Reuters) - Italy's biggest insurer Assicurazioni Generali is readying a 30-year bond which it would look to launch from next week depending on market conditions, a source close to the deal said on Tuesday. "Generali's results are due on Friday, after that any window on the market may be good (to launch it)," the source said. The source said the issue would be a fixed-rate, subordinated bond, with a call option which would allow the issuer to reimburse it after the first 10 years. "I believe the size should be at least 750 million euros," the source said. Generali Chief Executive Giovanni Perissinotto had said in March the insurer planned to refinance a subordinated loan worth 750 million euro maturing on July 20. (Reporting by Giulio Piovaccari)

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