Sava: Solvency II sub-debt

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 51442

Status Complete

Location

Slovenia

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 51442

Status Complete

Location

Slovenia

Business Sector

Notice Type

Private

Environmental Category

Approval Date

14 Oct 2019

Disclosure date

05 Nov 2019

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Slovenian

Project Description

Investment in the inaugural debt capital market issuance of Pozavarovalnica Sava, d.d. ("Sava") in the form of EUR-denominated, Solvency II compliant, Tier II eligible subordinated bonds ("bonds") with a 20-year non-call 10 ("20NC10") maturity profile. The bonds are rated BBB+ by S&P and will be listed on the Luxembourg Stock Exchange.

Project Objectives

The operation will enable Sava to boost its capital base.

Transition Impact

The main sources of transition impact will stem from supporting capital market development by demonstrating the viability of a Slovenian Solvency II subordinated bond issue and broadening its investor base. The project will diversify Sava's funding sources and better position it for future growth.

Client Information

POZAVAROVALNICA SAVA DD

Pozavarovalnica Sava, d.d. is the holding company of the Sava Insurance Group, which is the third largest insurance group in the Adriatic region with a presence in 6 countries. The group has total assets of EUR 1.8bn and shareholder's equity of EUR 360 million. Sava is listed on the Ljubljana Stock Exchange with a market capitalisation of EUR 290 million and has an assigned long-term financial strength and issuer credit rating of A, by both S&P and AM Best.

EBRD Finance Summary

EUR 10,000,000.00

Total Project Cost

EUR 75,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). Sava is required to comply with EBRD's Performance Requirements 2, 4 and 9, implement EBRD's E&S risk management procedure for insurance and submit Annual E&S Reports to the Bank.

Technical Cooperation

None.

Company Contact Information

Bla# Garbajs
subordinated@sava-re.si
+386 1 4750 252
https://www.sava-re.si/
Pozavarovalnica Sava, d.d., Dunajska 56, 1001 Ljubljana, Slovenia

Transition impact

ETI Score:60

PSD last updated

05 Nov 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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