Hannover Re tests risk appetite with new T2

By Tyler Davies
29 Jun 2020

Hannover Re gave away a bit of premium for a new tier two this week, after it touched on the lower bound of the spreads available in the market for insurance capital.

The German insurance company opened books on Monday for a new €500m 20.25 non-call 10.25 year tier two through Deutsche Bank, JP Morgan, Société Générale and UniCredit.

The lead managers started out with price thoughts in the 225bp area over mid-swaps. But they were able to guide investors ...

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