30-year notes raises €425m to settle regulators and ratings
Zurich Financial Services has placed €425m in 30-year subordinated debt with investors in the European institutional market, to boost its credit ratings Dow Jones and Reuters report.
Zurich said that it expected the impact from the issuing of the note "to be capital neutral to slightly positive from a regulatory, rating agency and economic capital perspective".
Demand for the debt, first callable in 2019 and maturing in 2039 and which carries a 7.5% coupon, was oversubscribed six times, Zurich said in a statement. The spread over mid-swaps in 390 basis points.
