ZFS puts hybrid in acquisition plans

22 Feb 2011

Zurich Financial Services will use hybrid debt to part finance a $1.67bn acquisition that it announced on Tuesday.

ZFS agreed to pay $1.67bn for a 51% stake in Santander’s Latin American insurance operations — the “majority” of which it will pay for in cash, it said, with the balance to come from a hybrid debt issue.

It is not newcomer to the hybrid market. Last year, it priced a Sfr575m perpetual ...

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