Allianz shows insurance appetite after busy week
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 ...