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Insurers took the lead in the subordinated debt market this week, as banks waited for the final agreed texts of new capital regulations to surface after a late-night agreement among EU policymakers on Wednesday. Zurich took €788m out of the market with a curiously structured deal, while Swiss Re neared the end of a contingent capital roadshow.
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Zurich Insurance Company’s €788m subordinated bond, priced on Monday, looked at first glance like an ambitious but neatly executed deal. But behind the scenes there was confusion over the exact nature of the trade, leaving some liability management specialists vexed, writes Will Caiger-Smith.
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French insurer Macif on Thursday brought a small euro deal to the subordinated bond market, continuing a recent trend of supply from the insurance sector. Bankers said the small book might have been down to the aggressive pricing, but congratulated the issuer on getting capital at a competitive level.
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Investment banks pitching to Royal Bank of Scotland for their chance to structure and execute a contingent capital trade for the UK borrower are focusing most of their attention on the dollar market, although tapping euro demand has also been considered.
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UK investors took almost half of Zurich Insurance Company’s €787.5m subordinated bond on Monday, showing their love for simple structures in an asset class that has performed well in recent months despite some weakening at its more aggressive end.
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The Dutch Council of State has ruled that the government’s decision to expropriate SNS Reaal’s shareholders and subordinated debt investors was legally sound, dealing a further — although not unexpected — blow to bondholders’ hopes of compensation.