Zurich Insurance jumps in before Italy result

25 Feb 2013

Zurich Insurance Company opened books on a 30.5 year non-call 10.5 subordinated transaction on Monday, taking advantage of a supportive market backdrop to insure against the volatility that could arrive when polling closes for Italy’s general election later in the day.

Lead managers BNP Paribas, Commerzbank, Crédit Agricole, Deutsche Bank and Lloyds Bank opened books on Monday morning with initial pricing thoughts of 262.5bp area over mid-swaps. The issuer chose a long 30 year maturity to suit its redemption profile, said a banker involved in the trade.

Books were building ...

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