Insurance sub debt bid continues
German insurer Württembergische Lebensversicherung sold its second ever subordinated bond on Wednesday. Recent sub deals from insurers have attracted favourable responses from investors, a result of offering a more attractive yield than comparable bank paper.
Deutsche Bank priced the 30 year non-call 10 hybrid bonds at 350bp over mid-swaps. UniCredit is acting as joint lead with no books.
The leads circulated initial price thoughts of 375bp area over swaps on Wednesday morning.The bond will pay a fixed rate coupon until July 2024, ...