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Zurich to buy back $500M of perpetual bonds


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Zurich to buy back $500M of perpetual bonds

Zurich Insurance Group AG is to buy back $500 million of its perpetual subordinated bonds.

The insurer will redeem the bonds on their first call date, Jan. 18, 2018, for par value plus accrued interest. No further payments will be made.

The bonds were issued by subsidiary Zurich Insurance Co. Ltd. in 2012.

A Zurich spokesman said the company takes into account various considerations when deciding to buy back bonds, including market conditions and investors' expectations.

As of June 30, Zurich had $6.8 billion of subordinated debt, including the bonds to be redeemed.