The US dollar tranche of USD 1.25 billion is perpetual, is first callable at the option of Allianz SE on October 30, 2027, and pays an annual coupon of 3.20% p.a. until the first coupon reset date on April 30, 2028, subject to certain conditions.
The EUR tranche of EUR 1.25 billion is perpetual, is first callable at the option of Allianz SE on October 30, 2031, and pays an annual coupon of 2.60% p.a. until the first coupon reset date on April 30, 2032, subject to certain conditions.
Both tranches are deeply subordinated and senior only to equity. In line with Solvency II requirements for RT1, both tranches feature a principal loss absorbency mechanism in the form of a write-down of the nominal amount in case a standard solvency related trigger is breached. Coupon payments and redemptions are at the full discretion of Allianz SE unless they are mandatorily prohibited. Both tranches will be listed on the Luxembourg Stock Exchange (Euro MTF). Settlement occurred on September 7, 2021.