Allianz accepts Greek sovereign bond conversion offer

"The restructuring of Greece's debt is an important step towards solving the country's economic problems," said Michael Diekmann, CEO of Allianz SE. "Along with the great efforts being made by Greece, other highly indebted countries and the European Union, this will play a key role in stabilizing the euro zone, of equal benefit to both our customers and our investors. A broad-based acceptance of the debt restructuring proposal is a positive signal for Greece and the capital markets."

By the end of 2011, the Allianz Group had written down its Greek sovereign bonds with a nominal value of 1.3 billion euros to 24.7 percent of their value. After write-downs the Allianz Group currently carries 310 million euros in Greek sovereign bonds.

The conversion proposal on February 24, 2012 allows private investors to convert Greek sovereign bonds they hold into new Greek bonds (31.5 percent of original nominal value) and EFSF securities with durations of up to two years (15 percent of original nominal value). Allianz is a member of the steering committee of the Private Creditor-Investor Committee for Greece (PCIC).

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