Zurich perp good omen for FIG capital

11 Jan 2012

Hybrid capital specialists say strong demand for Zurich Insurance’s perpetual tier two issue bodes well for Asian retail demand for other FIG capital transactions.

The Swiss borrower raised an order book of $4.5bn for the $500m perpetual non-call six year tier two issue. Lead managers Barclays Capital, BNP Paribas, Citi, HSBC and Royal Bank of Scotland are due to price the transaction on Wednesday to yield 8.25%, in from initial guidance of ...

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