Bloomberg News

Swiss Reinsurance Said to Hire Banks for Perpetual Bond Sale

March 15, 2012

Swiss Reinsurance Co. (RUKN), a unit of the world’s second-largest reinsurer, hired five banks to help arrange a planned sale of U.S. dollar-denominated perpetual bonds, according to a person familiar with the matter.

The company hired Bank of America Corp., BNP Paribas SA, Deutsche Bank AG, HSBC Holdings Plc, and JPMorgan Chase & Co. to set up investor meetings in Asia for the Reg S sale, said the person, who asked not to be identified because the details are private.

KwokChoi Wong, head of communications for Asia at the company, declined to comment on the planned sale when contacted by phone in Hong Kong today.

Swiss Reinsurance, a unit of Swiss Re Ltd., will meet investors in Hong Kong on March 19 and Singapore on March 20, the person said.

The bond will be the company’s tenth sale of perpetual securities, according to data compiled by Bloomberg. It sold its most recent perpetual bond on Jan. 27 when it raised 320 million Swiss francs ($345 million).

The company last sold dollar-denominated notes in August 2009 when it raised $750 million. It has the equivalent of $12.2 billion of bonds outstanding, the data show.

To contact the reporter on this story: Rachel Evans in Hong Kong at revans43@bloomberg.net

To contact the editor responsible for this story: Beth Thomas at bthomas1@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus