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Green Bond Framework and Reporting

Notice
The sole aim of this overview is to provide a simplified and non-binding summary. The respective offering prospectus alone is legally binding.

Status: 31.03.2023

Subordinated liabilities

Issuer Type Volume nominal Coupon rate p. a. Emission/Issue Maturity
Münchener Rückversicherungs- Gesellschaft AG Munich Subordinated green bond US$1,250m Until 2032 5.875%, thereafter variable 2022 2042

Details

The US$1,250m green bond matures on 23 May 2042. Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München as the issuer can call the bond in the ordinary course for the first time in 2031. The bonds have a coupon of 5.875% p.a. (semi-annual interest payments) until 23 May 2032.

Details of the bonds

Issuer Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Volume US$1,250m
Denomination US$200,000
Use of proceeds An amount equivalent to the net proceeds of the Bonds will be used to finance or refinance, in whole or in part, existing and/or future Eligible Projects that meet the eligibility criteria defined in the Green Bond Framework of Munich Re and are financed by Munich Re either by equity participation or by debt instruments.
Optional deferral of interest payments In certain circumstances as defined in the terms and conditions of the issue, the issuer can elect to defer interest payments.
Mandatory deferral of interest payments In case of a Mandatory Deferral Event, the issuer has to defer interest payments.
Settlement of Arrears of Interest Cash cumulative
Scheduled Maturity Date 23 May 2042
Date of issue 23 May 2022
Interest payment dates May 23 and November 23 in each year, commencing on 23 November 2022.
First reset date 23 May 2032
Coupon up to the first reset date 5.875% p.a. (paid semi-annually) until 2032
Coupon after the first reset date For the period from and including the First Reset Date to but excluding the next following Reset Date and thereafter from and including each Reset Date to but excluding the next Reset Date the sum of the applicable Reference Rate and the Margin of 3.982% p.a. (includes 100 bps step-up).
Redemption at the option of the Issuer At par (in whole only), on any date during the period from and including 23 November 2031 to and including the First Reset Date and on any interest payment date thereafter (subject to the Conditions to Redemption and Repurchase).
Early Redemption Rights Redemption following a Gross-Up Event, a Tax Event, a Regulatory Event, an Accounting Event or a Rating Event.
Status The notes are subordinated to all the Issuer's Senior Ranking Obligations.
WKN A3MQV4 (144A) / A3MQV3 (Regulation S)
ISIN 144A: US62582PAA84 / Regulation S: USD5558XAA66
Bloomberg MUNRE
Listing location Luxembourg

The sole aim of this overview is to provide a simplified and non-binding summary. The offering prospectus alone is legally binding.

Bond terms
For further details, please see the bond T&C:
T&C (PDF, 546 KB)

Green Bond Allocation and Impact Report 2023
For further details, please see the report:
GB Report (PDF, 3,1 MB)
Issuer Type Volume nominal Coupon rate p. a. Emission/ Issue Maturity
Münchener Rückversicherungs- Gesellschaft AG, Munich Subordinated green bond €1,000m Until 2032 1.00 %, thereafter variable 2021 2042

Details

The €1,000m green bond ends on 26 May 2042. Münchener Rückversicherungs-Gesellschaft AG, as the issuer, has a first right to call in 2031. The bonds have a coupon of 1.00% p.a. until 26 May 2032. If they are not redeemed until the first reset date, the coupon as from 26 May 2032 will be 210 basis points above 3-month EURIBOR.

Details of the bonds

Issuer Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Volume €1,000m
Use of proceeds An amount equivalent to the net proceeds of the bonds will be used to finance or refinance, in whole or in part, existing and/or future eligible projects that meet the eligibility criteria defined in the green bond framework of Munich Re and are financed by Munich Re either by equity participation or by debt instruments.
Optional deferral Under premises as defined in the conditions of issue the issuer has the option to defer the coupon.
Compulsory Deferral Coupons will be mandatorily deferred where the issuer breaches minimum solvency requirements (referred to as the "Solvency Event")
Settlement of deferred coupons Cash Cumulative
Term 26 May 2042
Date of issue 02 September 2021
Coupon date 26 May, starting in 2022
First reset date 26 May 2032
Coupon p.a. up to first reset date 1.00%
Coupon p.a. after first reset date 3-month EURIBOR + 210bp (including 100bps step-up)
Issuer Redemption Option At par (in whole only), on any date during the period from and including 26 November 2031 to and including the first reset date and on any floating interest payment date thereafter (subject to the Conditions to Redemption and Repurchase).
Early Redemption Rights Prior to 26 November 2031 at par (in whole only), upon Gross-up, Tax, Regulatory, Accounting or Rating Event or the issuer or its subsidiaries have repurchased or redeemed bonds equal to or in excess of 80 per cent of the aggregate principal amount of the bonds initially issued.
Subordination The notes are subordinated to senior creditors
German securities identification number A3E5WY
ISIN XS2381261424
Bloomberg MUNRE
Stock exchange listing Luxembourg

The sole aim of this overview is to provide a simplified and non-binding summary. The offering prospectus alone is legally binding.

Bond terms
For further details, please see the bond T&C:
T&C (PDF, 356 KB)

Green Bond Allocation and Impact Report 2022
For further details, please see the report:
GB Report (PDF, 3,3 MB)
Issuer Type Volume nominal Coupon rate p. a. Emission/ Issue Maturity
Münchener Rückversicherungs- Gesellschaft AG, Munich Subordinated green bond €1,250m Until 2031 1.25 %, thereafter variable 2020 2041

Details

The €1,250m green bond ends on 26 May 2041. Münchener Rückversicherungs-Gesellschaft AG, as the issuer, has a first right to call in 2030. The bonds have a coupon of 1.25% p.a. until 26 May 2031. If they are not redeemed until the first reset date, the coupon as from 26 May 2031 will be 255 basis points above 3-month EURIBOR.

Details of the bonds

Issuer Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Volume €1,250m
Denomination €100,000
Issue price 98.847%
Redemption price 100.00%
Coupon p.a. up to first reset date 1.25%
Coupon p.a. after first reset date 3-month EURIBOR + 255bp
Use of proceeds An amount equivalent to the net proceeds of the bonds will be used to finance or refinance, in whole or in part, existing and/or future eligible projects that meet the eligibility criteria defined in the green bond framework of Munich Re and are financed by Munich Re either by equity participation or by debt instruments.
Optional deferral Under premises as defined in the conditions of issue the issuer has the option to defer the coupon.
Compulsory Deferral Coupons will be mandatorily deferred where the issuer breaches minimum solvency requirements (referred to as the "Solvency Event")
Settlement of deferred coupons Cash Cumulative
Term 26 May 2041
Date of issue 23 September 2020
Coupon date 26 May, starting in 2021
First reset date 26 May 2031
Issuer Redemption Option At par (in whole only), on any date during the period from and including 26 November 2030 to and including the first reset date and on any floating interest payment date thereafter (subject to the Conditions to Redemption and Repurchase).
Early Redemption Rights Prior to 26 November 2030 at par (in whole only), upon Gross-up, Tax, Regulatory, Accounting or Rating Event or the issuer or its subsidiaries have repurchased or redeemed bonds equal to or in excess of 80 per cent of the aggregate principal amount of the bonds initially issued.
Subordination The notes are subordinated to senior creditors
German securities identification number A289EQ
ISIN XS 222 184 568 3
Bloomberg MUNRE
Stock exchange listing Luxembourg

The sole aim of this overview is to provide a simplified and non-binding summary. The offering prospectus alone is legally binding.

Bond terms
For further details, please see the bond T&C:
T&C (PDF, 452 KB)

Green Bond Allocation and Impact Report 2021
For further details, please see the report:
GB Report (PDF, 3.6 MB)
Issuer Type Volume nominal Coupon rate p. a. Emission/ Issue Maturity
Münchener Rückversicherungs- Gesellschaft AG, Munich Subordinated bond €1,250m Until 2029 3.25%, thereafter variable 2018 2049

Details

The €1,250m bond ends on 26 May 2049. Münchener Rückversicherungs-Gesellschaft AG, as the issuer, has the right to call them for early redemption in 2029. The bonds have a coupon of 3.25% p.a. until 26 May 2029. If they are not redeemed early, the coupon as from 26 May 2029 will be 340 basis points above 3-month EURIBOR.

Details of the bonds

Issuer Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
Volume €1,250m
Denomination €100,000
Issue price 98.94%
Redemption price 100.00%
Coupon p.a. up to first call date 3.25%
Coupon p.a. after first call date 3-month EURIBOR + 240bp + 100 bp step up
Option deferral Under premises as defined in the conditions of issue the issuer has the option to defer the coupon.
Mandatory Deferral Coupons will be mandatorily deferred where the issuer breaches minimum solvency requirements (referred to as the "Solvency Event")
Settlement of deferred coupons Cash Cumulative
Term 26 May 2049
Date of issue 22 November 2018
Coupon date 26 May, starting in 2019
First call date 26 May 2029
Early call provisions Customary call events prior to first call date: Gross up, Tax, Accounting, Rating and Regulatory Event.
Subordination The notes are subordinated to senior creditors
German securities identification number A2TSS7
ISIN XS 184 344 831 4
Bloomberg MUNRE
Stock exchange listing Luxembourg

The sole aim of this overview is to provide a simplified and non-binding summary. The offering prospectus alone is legally binding.

Bond terms
For further details, please see the bond T&C:
T&C (PDF, 440 KB)
Issuer Type Volume nominal Coupon rate p. a. Emission/ Issue Maturity
ERGO Versicherung Aktiengesellschaft, Vienna Registered bonds €7m Secondary market yield on federal government bonds (Austria) +70 BP 1998 undated
ERGO Versicherung Aktiengesellschaft, Vienna Registered bonds €6m Secondary market yield on federal government bonds (Austria) +70 BP 2001 undated
HSB Group Inc., Delaware Bond US$67m LIBOR +91 BP 1997 2027

Bonds and notes issued

Issuer Type Volume Coupon rate p. a. Emission/ Issue Maturity
Munich Re America Corporation, Wilmington Senior bond US$314m 7.45% 1996 2026

Maturity pattern

Currency pattern

Legal disclaimer

The Information requested relates to financial instruments, securities or offers thereof, which are not offered in or into and may not be accepted in or from the United States, Canada, Australia or Japan or by US persons (as defined in Regulation S of the Securities Act of 1933). Accordingly, neither the instruments or securities, nor any offer thereof, have been (i) registered under the US Securities Act, nor under the laws of any state of the United States, (ii) such instruments or securities may not be offered, sold, resold, pledged or delivered, directly or indirectly, in or into the United States except pursuant to an exemption from the registration requirements of the US Securities Act, and (iii) such instruments or securities may be subject to US tax law requirements. No documents contained herein constitute an offer to sell or a solicitation of an offer to buy instruments or securities in the United States, Canada, Australia or Japan or to US persons, or in any other jurisdiction in which such an offer or solicitation is unlawful. Persons wishing to accept an offer must not use the United States, Canadian, Australian or Japanese mails or any means or instrumentality (including, without limitation, facsimile transmission, telex or telephone) of interstate or foreign commerce or any facilities of a national securities exchange of the United States, Canada, Australia or Japan for any purpose directly or indirectly related to the acceptance of an offer. Acceptances or other documents in respect of an offer should not be postmarked in the United States, Canada, Australia or Japan. All accepting persons must provide addresses outside the United States, Canada, Australia or Japan for the receipt of any instruments or securities. Further, any holder of the relevant instruments or securities shall be deemed to have represented to the issuer (i) that such holder is not a US person and (ii) that such holder is not acquiring such instrument or security for the account of any US person.

Neither the information contained in these pages, nor any opinion expressed, constitute an offer of or invitation to purchase instruments or securities in any jurisdiction. Any such offer or invitation will only be made in documents to be published in the due course and any such offer or invitation is limited to the information provided in such documents.

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