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Swiss Life / Rentenanstalt issues Guaranteed Exchangeable Bond into shares of HSBC Holdings plc or Swiss Life / Rentenanstalt


Swiss Life / Rentenanstalt has launched an international exchangeable in EURO for a total of approximately CHF 500 million. The maturity is 5 years. The issue comprises a so called 'Best of Structure' which allows investors to convert into either shares of HSBC or Swiss Life / Rentenanstalt. This innovative structure has only recently been introduced into the international equity-linked market.
The structure allows Swiss Life / Rentenanstalt to take full advantage from very strong demand from the international equity-linked market. In particular it allows the group to optimise its portfolio and to profit from the attractive interest rate environment and volatile stock market. The exchangeable has a maturity of 5 years and is issued in EURO. Listing is planned to be in Luxembourg.

The investor can convert into either shares of HSBC or Swiss Life. Swiss Life has the right to settle in cash or by delivering either share.

Investor demand for the bond has been strong and the bonds have been substantially oversubscribed over the marketing period. The Exchangeable will be launched through the subsidiary Swiss Life Finance AG on the British Virgin Islands with a full guarantee from the parent. Lehman Brother acted as Bookrunning Lead Manager on the issue and Goldman Sachs and Banca del Gottardo as Co-Lead Managers.