Zurich issues $500m debt placement for ‘corporate purposes’

Switzerland-based  Zurich Insurance Group has placed a dated subordinated notes issue in the amount of $500 million.

The insurer intends to use the proceeds of the issuance for “general corporate purposes”.

The notes will mature in May 2052 and are first callable in February 2032. They will be issued by Zurich Finance (Ireland) DAC, with annual coupon fixed at 3.5 percent until May 2032.

The transaction was targeted at European and Asian institutional investors, Zurich said in a statement.

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