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 Santanders 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