German insurer Allianz must be happy. It says it has created a new product, developed with UBS Warburg, that will bring joy to investors, to Allianz’s portfolio companies and most of all to Allianz itself. It’s only a few of UBS Warburg’s rival banks that cannot quite share the joy.
Allianz’s three-year deal, worth e2 billion, is called market index-linked equity security (miles) and is similar to a mandatory convertible bond in that it will be converted into shares at maturity in February 2004 – with the option of early conversion after March 1 2002.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
