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Swiss Life issues CHF600M in hybrid notes

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Swiss Life issues CHF600M in hybrid notes

Swiss Life Holding AG issued two series of subordinated hybrid bonds amounting to a total of CHF600 million.

The first series amounted to CHF425 million in perpetual notes, with a 2.00% coupon until the first call date in September 2024. The second series amounted to CHF175 million, maturing in 2048 with a 2.625% coupon until the first call date in September 2028.

The insurer said the bonds were issues to investors in the Swiss franc market and the proceeds from the deals will be used for future refinancing of outstanding subordinated debt instruments, among other general corporate purposes.