Perplex schreef op 14 oktober 2011 14:45:
Berichtgeving op Bloomberg over mogelijke aflossing van achtergesteld papier van verzekeraars:
European insurers, including Axa SA (CS) and Allianz SE (ALV), may redeem subordinated bonds depressed by the region’s debt crisis because they won’t qualify as core capital under rules being introduced in 2013, investors say.
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The debt crisis has created uncertainty that has pushed up yields on subordinated bonds issued by insurers to an average of about 15 percent over the past few months, said Narciso Quijano, head of fixed income investments at Munich-based BayernInvest.
“All subordinated bonds issued by European insurers, especially the ones from France and Italy, have come under pressure,” he said. “It’s absolute cherry-picking time at the moment for investors who understand the bonds’ documentation.”
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Aviva Plc (AV/), the U.K.’s second-biggest insurer, yesterday announced it will redeem 800 million euros of subordinated notes on their Nov. 14 call date. The bonds were trading at 99.5 cents on the euro the day before the announcement.
Zurich Financial Services AG (ZURN), Switzerland’s biggest insurer, exercised an option to buy back $1 billion in two subordinated bonds in November at par value. The notes were trading at about 92 cents on the euro before the buyback.
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www.bloomberg.com/news/2011-10-13/eu-...