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