Blowout book for Zurich but others will wait as regs hamper hybrid bond plans

13 Jan 2012

Intense demand for Zurich Insurance’s $500m perpetual issue this week underscored the depth of liquidity available to strong European names in the Asian private banking market. But the deal is unlikely to herald a flood of further hybrid capital supply as banks wait for more clarity on regulations.

Orders for Zurich Insurance’s $500m upper additional capital transaction topped $4bn, with the bulk of the demand coming from Asian private banking accounts. The heavy demand for the perpetual non-call six year instrument allowed lead managers Barclays Capital, BNP Paribas, Citi, HSBC and Royal Bank of Scotland to ...

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