| Zurich announces successful placement of USD 500 million Capital Notes |
| 11.01.12 19:22 | |
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Zurich today announced the successful placement of USD 500 million of undated Capital Notes (hybrid capital), first callable in 2018. The transaction primarily targeted investors in the Asian market. The hybrid capital is issued by Zurich Insurance Company Ltd under its “Euro Medium Term Note Programme”, to a repackaging vehicle (Cloverie Plc) that in turn issues notes, secured by Capital Notes issued by Zurich Insurance Company Ltd. The coupon has been set at 8.25%. The hybrid issue is expected to be treated as capital from a regulatory and rating agency perspective to the extent permissible. The transaction has been conducted for general corporate purposes and to refinance already announced M&A transactions. |
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