Sava: Solvency II sub-debt

Location:

Slovenia

Project number:

51442

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

14 Oct 2019

Status:

Signed

PSD disclosed:

05 Nov 2019

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

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

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.