◆ Reg S only but multiple times oversubscription ◆ Issuer's first subordinated debt under new Swiss insurance solvency framework ◆ Zurich funds roughly flat to Allianz, though peer issued a larger bond
◆ New trade is longest and largest in euros from the Japanese non-bank financial ◆ Some premium offered after eyeing tighter landing ◆ Outcome deemed ‘good’ considering smaller following to bank issuers
