Insurance subordinated in demand as Hannover Re-prices curve
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Insurance subordinated in demand as Hannover Re-prices curve

German reinsurer Hannover Re demonstrated the depth of investor demand for higher-yielding subordinated paper this week, pricing a €500m tier two bond off a €5.6bn book which traded up to 30bp tighter in the aftermarket and reigned in the rest of its curve by around 15bp.

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