Allianz shows insurance appetite after busy week

By Nathan Collins
11 Sep 2014

Allianz continued a strong run of deals for insurers on Thursday, drawing a large order book for a perpetual trade. Attractive levels compared to bank bonds are driving the trades, according to syndicate managers.

Citi, Commerzbank, HSBC and Société Générale priced the €1.5bn perpetual non-call 10 notes at 220bp over mid-swaps, in line with guidance of 220bp area.

The leads had circulated initial price thoughts of 230bp area on Thursday morning.

“The Allianz deal was very high quality,” said a ...

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