Zurich Completes Debt Issue

Zurich Financial Services Group announced that it has completed the issuance of 500 million euros ($604 million) of 20-year subordinated debt, callable in 2015, to institutional investors at the Euromarket.

“The transaction has met with a very positive investor response and was more than four and a half times oversubscribed,” said the bulletin.

“The debt has been issued by Zurich Finance (USA), Inc. under the “Euro Medium Term Note Programme of the Zurich Insurance Company,” it continued. “The coupon has been set at 4.50 percent. This equated to a spread of 120 basis points over mid-swaps and 135 basis points over the reference government bond.”