Allianz to raise debt capital after tough first quarter

By Tyler Davies
15 May 2020

Allianz was calling for investment in a €1bn tier two capital issue on Friday, a couple of days after disclosing a tough set of results for the first quarter. The weaker performance largely stemmed from Covid-19, which weighed heavily on the German insurer’s Solvency II capital ratio.

The insurer opened books on a long 30 year non-call 10 tier two, which had its eventual maturity date in July 2050.

Bank of America, Crédit Agricole, Citi, Commerzbank and HSBC were bookrunners for the deal, which they began at a spread in the 250bp area over ...

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