Allianz concludes subordinated bond placement and partial buyback

Written by Dan McGrath

15/06/2023

Allianz has announced that it has concluded the placement of a €1.25bn subordinated bond, as well as the partial buyback of its €1.5bn 4.75% subordinated bond callable in 2023.

The placement of the €1.25bn bond with institutional investors in Europe has a scheduled maturity in July 2053, and is callable at the option of the issuer from January 2033. The coupon is fixed at 5.8% per annum until July 2033, from when it will receive a floating rate coupon.

The bond is listed on the Luxembourg Stock Exchange and coupon payments are redemption are subject to certain conditions and may be deferred.

Allianz bought back an aggregate principal amount of €587.5m out of its €1.5bn 4.75% subordinated bond via a tender offer, with €912.5m outstanding. The bond, which has no scheduled maturity, has ordinary call rights of the issuers from October 2023.

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