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Korean Reinsurance priced its debut subordinated bond on Tuesday. The borrower was keen to take advantage of the low rate environment, and to get ahead of the looming $6.5bn additional tier one from the Bank of China. -
Subordinated perpetual bond issuance from Asian insurers is on the increase with a second insurer looking to follow Korean Reinsurance to the market next week. The low rate environment is proving conducive for high beta products like sub perps, according to bankers.
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Korean Reinsurance (Korean Re) has brought out Korea’s first offshore subordinated bond from the insurance sector.
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Bank of China (BoC) is considering dropping the euro tranche for its debut additional tier one (AT1) after failing to generate enough interest for that currency on its global roadshow.
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The European Banking Authority fired a warning shot at issuers of alternative tier one capital, making plain its distaste for structural features that it thinks are overly complex or non-standard. Dynamic triggers, regulatory calls and anything that mitigates against shareholder dilution are among the features in its sights.
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Korean Reinsurance (Korean Re), the world's ninth largest reinsurer, started meeting investors for a proposed US dollar subordinated capital offering on October 6. If it goes ahead with a deal the borrower will become only the second Asian insurer to issue sub debt offshore.
