The hybrid sector’s focus might be turning to Asian retail but as Euromoney went to press Munich Re announced an interesting €1 billion benchmark hybrid transaction – rated A3 (Moody’s)/ A (S&P)/A+ (Fitch) – with Deutsche Bank, JPMorgan and UBS as bookrunners.
“It is Munich Re’s first deal of this nature. The company issued dated subordinated debt in 2003 in a size of €3 billion,” says Frank Kennedy, head of the European financials institutions group at UBS DCM.
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