Scor sets Swiss franc hybrid record
The race for yield triggered by plummeting Swiss franc swap rates — down 30bp in less than three weeks — allowed French reinsurer Scor to tap the perpetual note it issued in January for a further Sfr225m. Now sized at Sfr625m, the deal ranks as the largest Swiss franc hybrid from a foreign issuer, and is second overall after a Sfr750m Zurich note.
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