Insurance sub debt bid continues

By Nathan Collins
08 May 2014

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, ...

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