Allianz was excited about it last year, now the time has come for Zurich Financial Services to join in. UBS Warburg has further developed its market index-linked equity securities (Miles) product since it lead managed the first Miles issue for Allianz last year. Unlike the Allianz deal, which allowed the issuer to choose to exchange the note into one of several of its holdings, the new version is a convertible and can only be converted into Zurich’s own shares.
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