Helvetia Insurance to open Swiss franc rated hybrids

03 Nov 2010

Helvetia Insurance is bookbuilding a hybrid deal in Swiss francs, the first domestic hybrid in the market from a rated borrower. Standard & Poor’s rates Helvetia’s senior debt A- with stable outlook.

The insurer is looking at a Sfr300m perpetual non-call five, with no step up but a move to a floating rate coupon after the call date. Credit Suisse and Deutsche Bank are the bookrunners.

The leads opened books with guidance of a 5% coupon, but have set pricing ...

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