By Rebecca Melvin
New York, Aug. 27 – Swiss Re Finance (Luxembourg) SA priced $1 billion of perpetual subordinated fixed-spread notes (A2/A/) on Tuesday at a spread of 286.4 basis points over Treasuries, according to a market source.
The notes have an initial coupon of 4.25%, which will be reset at the first optional redemption date on Sept. 4, 2024 and every five years thereafter. The notes are callable on Sept. 4, 2024 at par.
The Regulation S-only notes were sold via joint lead managers BNP Paribas, BofA Securities Inc., Citigroup (billing & delivery), Credit Suisse and Morgan Stanley.
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: | Perpetual
|
| Description: | Subordinated notes
|
| Bookrunners: | BNP Paribas, BofA Securities Inc., Citigroup (billing & delivery), Credit Suisse and Morgan Stanley
|
| Coupon: | 4.25% initially; resets in 2024 to Treasuries plus 286.4 bps
|
| Call feature: | Non-callable for five years
|
| Trade date: | Aug. 27
|
| Settlement date: | Sept. 4
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | Regulation S
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
