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Swiss Re Completes Notes Offering
Practices
Our client Swiss Reinsurance Company Ltd completed an offering of €500 million of subordinated fixed-to-floating rate callable loan notes with a scheduled maturity in 2042. The loan notes were issued through a so-called "repackaging vehicle."
The offering follows Swiss Re's offerings of CHF 320 million and $750 million perpetual subordinated notes, which closed in February and March, respectively. Compared to the prior issuances, which have a novel stock settlement feature under which holders will receive listed shares of Swiss Re Ltd, the parent company of the Swiss Re Group, in settlement for the notes, at the option of the issuer, this offering is a more standard 30-year/non-call 10-year issuance. Euroweek has quoted positive market appraisals of the transaction.
The Paul, Weiss team advising Swiss Re included London-based partner Mark Bergman. Tax assistance was provided by partner Jeffrey Samuels.