The word from Zurich;
Zurich Insurance Group (Zurich), today announced the successful placement of GBP 1 billion of dated subordinated notes (the “Notes”).
The Notes, which will mature in November 2052 and are first callable in August 2032, will be issued by Zurich Finance (Ireland) DAC. The semi-annual coupon is fixed at 5.125% until November 2032.
The transaction was targeted at European and Asian institutional investors and has been conducted for general corporate purposes.
IE Note;
Subordinated Notes are a type of company loan or bond. So you buy a piece of the action and assuming all goes well with Zurich, you redeem your copon or bond, plus interest at some point in the future. The only point worth noting is that other debts tend to take priority before the repayment of Sub Notes debt if things take a downturn.
Be the first to comment