Uniqa debuts new tier two structure in euros

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By Tyler Davies
02 Jul 2020

Uniqa Insurance has become the first European insurance company to take advantage of a change in the way in which S&P looks at capital quality, pricing a new short call tier two in euros on Thursday.

The Austrian firm was selling its €200m 15.25 year non-call 5.25 tier two alongside a €600m senior bond as part of a dual-tranche offering.

European insurance companies would ordinarily structure tier two bonds with a minimum maturity of 10 years, to maximise their value as capital for ...

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