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Belgium and Sweden joined the march of insurance issuers in subordinated debt on Wednesday, with AG Insurance and Storebrand Livforsikring mandating banks to lead investor meetings across Europe and Asia. The potential deals come as the market digests Swiss Re’s contingent capital trade, which is the first permanent write-down Coco from an insurance sector issuer.
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Buyers placed over $3.5bn of orders for Swiss Re’s contingent capital notes on Tuesday, despite some investors’ protestations that the deal’s wipe-out structure left bondholders subordinate to shareholders in an organisation whose solvency was almost impossible to model.
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Danish banks are considering contingent capital issuance after their regulator said that loss-absorbing instruments with a 7% trigger — similar to Barclays’ Coco — could be used to meet Pillar II capital requirements. Meanwhile, Swiss Re is talking to domestic investors on the last day of a roadshow for its Coco, which will be the first insurance Coco to feature a permanent write-down structure.
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Expropriated bond investors and shareholders of nationalised Dutch lender SNS Reaal will not receive any compensation for their lost investments, the Dutch finance ministry has confirmed. Finance minister Jeroen Dijsselbloem is now looking into ways to ring-fence Dutch banks’ savings and mortgage operations from their investment banking businesses.
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Swiss Re is meeting investors in its home country on Monday on the final day of the roadshow for a potential contingent capital trade, which is set to be the first Coco from an insurance issuer to feature permanent writedown. Bankers say the deal could inspire more issuance from insurers looking for a more efficient alternative to catastrophe bonds.
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