Munich Re successfully concludes tender offer and new issue as part of its active capital management
As announced on 10 March, Munich Re has as part of its active capital management repurchased outstanding bonds with a volume of €1.154bn and issued a new €1bn bond that is similarly eligible as capital.
The new bond has a term of 30 years and is first callable after ten years subject to a fixed coupon rate of 6% p.a. and thereafter a floating rate. The new bond has been structured to comply with existing insurance regulations (Solvency I), expected future insurance regulations (Solvency II), and rating agency requirements.
With this transaction, Munich Re is consistently pursuing its active capital management.
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