ASR Nederland NV said Oct. 12 that it priced an inaugural €300 million Restricted Tier 1 contingent convertible capital instrument.

The instrument, which represents the first euro-denominated RT1 issue within the European insurance sector, is perpetual and will pay out a 4.625% fixed-rate coupon for the first 10 years. The securities were placed primarily with fund managers, insurers and specialist funds in the U.K., Netherlands, France and the Nordic countries.

Final orders amounted to over €2.6 billion with participation from 110 investors, according to the Dutch insurer.