By Marisa Wong and Cristal Cody
Los Angeles, March 28 – Swiss Re Subordinated Finance plc priced $750 million of 5.698% subordinated notes due April 5, 2035 (A3/BBB+) at Treasuries plus 150 basis points on Wednesday, according to a market source.
The coupon resets at SOFR plus 181.3 bps after the initial fixed-rate period.
Initial price talk was in the Treasuries plus 175 bps area.
The notes are non-callable for 10 years.
BofA, BNP Paribas, Citi, Deutsche Bank and JPMorgan are the bookrunners for the Rule 144A and Regulation S deal.
A guarantee on a subordinated basis will be provided by Swiss Re Ltd., as previously reported.
Fixed-income calls started Tuesday.
The Swiss Re group is a reinsurance company based in Zurich.
| Issuer: | Swiss Re Subordinated Finance plc
|
| Guarantor: | Swiss Re Ltd.
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| Amount: | $750 million
|
| Issue: | Subordinated notes
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| Maturity: | April 5, 2035
|
| Bookrunners: | BofA, BNP Paribas, Citi, Deutsche Bank and JPMorgan
|
| Coupon: | 5.698%, resets to SOFR plus 181.3 bps
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Non-callable for 10 years
|
| Pricing date: | March 27
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Distribution: | Rule 144A and Regulation S
|
| Initial price talk: | Treasuries plus 175 bps area
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