Linklaters advises bank syndicate in connection with Allianz's issuance of US$750m in restricted Tier 1 bonds

Press Contact

Andreas Fritz
Public Relations
+49 152 58409526  
andreas.fritz@linklaters.com

Linklaters advised the bank syndicate led by BofA Securities, Citigroup, Credit Agricole, HSBC, Mizuho, Commerzbank, Deutsche Bank, Société Générale, Standard Chartered and UniCredit in connection with the issuance of US$750m in Restricted Tier 1 (RT1) bonds by Allianz SE. The subordinated bond is perpetual (no maturity) and can be called by the issuer for the first time on October 30, 2034. The interest rate is 6.50% per annum until the first reset date on April 30, 2035. 

The bond was issued in accordance with Rule 144A of the US Securities Act of 1933 which allows a placement to US-based qualified institutional investors, and in accordance with Regulation S, which allows a placement outside the United States.

RT1 bonds are subordinated debt instruments that help insurers strengthen their regulatory capital base. They qualify as “Tier 1” capital under the Solvency II framework.

The Linklaters team was led by Alexander Schlee (Partner) together with Rowina Ullner (Managing Associate, both Capital Markets, Frankfurt). Other team members included Marco G. Carbonare (Partner), John Hunt (Senior Associate), Sylvie Ritter, Marianna Troia and Justin Faulhaber (all three Associates; all Corporate/M&A, Frankfurt) as well as Martin Rojahn (Counsel), Catrin Retzmann, Tabea Meißner (both Associates) and Asli Becerir (Transaction Lawyer; all Capital Markets, Frankfurt).