By Cristal Cody
Tupelo, Miss., March 26 – Swiss Re Finance (Luxembourg) SA priced a $1 billion Rule 144A and Regulation S offering of 5% subordinated notes due April 2, 2049 (A2/A+) on Tuesday at a spread of 258.2 basis points over Treasuries, according to a market source.
The coupon was talked in the 5.375% area with guidance later firmed to the 5.125% area.
The rate will reset in 2029 to Treasuries plus 358.2 bps.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.
The notes will be guaranteed by Swiss Reinsurance Co. Ltd.
Swiss Re Finance is a Luxembourg-based financing arm of reinsurance company Swiss Re Ltd.
| Issuer: | Swiss Re Finance (Luxembourg) SA
|
| Guarantor: | Swiss Reinsurance Co. Ltd.
|
| Amount: | $1 billion
|
| Maturity: | April 2, 2049
|
| Description: | Subordinated notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc. and Wells Fargo Securities LLC
|
| Coupon: | 3.5%; resets in 2029 to Treasuries plus 358.2 bps
|
| Spread: | Treasuries plus 258.2 bps
|
| Call feature: | Non-callable for 10 years
|
| Trade date: | March 26
|
| Settlement date: | April 18
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
| Price guidance: | 5.125% area; initial talk at 5.375% area
|
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