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ASR plans issue of debut Restricted Tier 1 securities

Dutch insurer ASR Nederland NV said it intends to issue an inaugural Restricted Tier 1 capital instrument amounting to €300 million, subject to market conditions.

The planned instrument will be perpetual with a 10-year noncall period, according to ASR.

The securities, which represent the first euro-denominated RT1 issue within the European insurance sector, will feature loss absorption in the form of equity conversion linked to compliance with the insurer's regulatory capital requirement.

HSBC is serving as sole structuring adviser on the transaction and will also serve as joint lead manager along with Deutsche Bank, UBS Investment Bank and ABN AMRO.