Allianz takes insurance boom into senior
Allianz priced three tranches of senior unsecured paper on Tuesday at time when insurers are queuing up to print subordinated debt. The German insurer bucked a trend of core names paying chunky new issue premiums with its five year euro tranche coming 2bp inside the interpolated curve.
The borrower printed a 500m no-grow five year, a 750m 15 year, and an inaugural £750m 30 year through bookrunners Commerzbank, Deutsche Bank, HSBC and Société Générale.The five year saw the most demand with a 2.25bn book gathered from 180 accounts. Fair value for the trade was ...
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