Swiss Life today closed its placement of EUR 700 million (around CHF 1.1 billion) of hybrid capital notes. The offering was structured using a repackaging vehicle (ELM B.V.) that issued notes secured by perpetual subordinated non-call 10 step-up loan notes issued by the Swiss Life Insurance and Pension Company and guaranteed by Swiss Life Holding.
On the back of strong demand by international institutional fixed-income investors the order book was several times oversubscribed which allowed an attractive pricing. The coupon was set at 5.849% for the first 10 years equivalent to the Euro 10-year swap rate plus 150 basis points.

With this transaction, Swiss Life made use of favourable market conditions to further diversify its debt maturities and improve its overall funding structure in line with its active capital management. The proceeds provide additional financial flexibility for Swiss Life’s strategic development. The hybrid capital notes qualify for capital treatment by the Federal Office of Private Insurance as well as by Standard & Poor’s (S&P). The notes are rated BBB by S&P.


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Swiss Life

The Swiss Life Group is one of Europe’s leading providers of pension and life insurance products. The Swiss Life Group offers individuals and companies comprehensive advice across a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over 60 countries and regions. With Banca del Gottardo, the Swiss Life Group is also active in private banking. The bank, with its head office in Lugano, has an extended national and international network and around CHF 36 billion in customer assets under management.

Swiss Life Holding, registered in Zurich, dates back to Schweizerische Rentenanstalt founded in 1857. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The Swiss Life Group employs a staff of around 9000.

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