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Achmea prices dual-tranche issuance of RT1, Tier 2 notes

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Achmea prices dual-tranche issuance of RT1, Tier 2 notes

Dutch insurer Achmea BV priced a dual-tranche issuance of €500 million of perpetual Restricted Tier 1 notes and €250 million of Tier 2 notes with a 10-year maturity.

The Restricted Tier 1 notes, priced at par with a semiannual coupon of 4.625%, can be called for the first time in March 2029 and every six months thereafter.

The Tier 2 notes can be called for the first time in June 2029 and every year thereafter. They were priced at 265 basis points above mid-swaps with an annual coupon of 2.5%.

Proceeds will be used for general corporate purposes, which may include the refinancing of existing debt and share buybacks.

The notes were placed by a syndicate of banks consisting of Deutsche Bank, HSBC, Barclays, BNP Paribas, NatWest Markets, Rabobank and UniCredit.