Allianz defies rating warning with knock-out Eu2bn deal

22 Nov 2002

Troubled German insurer Allianz revitalised the financial institutions market this week with a knock-out Eu2bn deal that was oversubscribed by an extraordinarily healthy Eu6bn.

The achievement was all the more notable in that US ratings agency Moody's placed the issuer's Aa2 long term rating on negative watch during investor talks. The offering - led by Citigroup/SSSB, Deutsche Bank, Dresdner Kleinwort Wasserstein and UBS Warburg - was launched and priced yesterday (Thursday). ...

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