Nippon Life to take 1.5% of Allianz under Coco trigger

Allianz used a contingent convertible capital issue for the first time this week when it sold a Eu500m subordinated bond in a private placement to Nippon Life Insurance Co. The structure — similar in terms of host security to recent Solvency 2 compliant hybrids — provides capital protection to the German insurer by converting into shares if downside triggers are breached.