Allianz SE has placed an undated subordinated bond in Switzerland with a volume of 500 million CHF. The bond will provide for ordinary call rights of Allianz beginning in July 2019.The coupon of 3.25 percent per annum is fixed until July 2019. Thereafter the coupon will be reset every five years based on the then-prevailing 5-year-swap rate plus a margin of 2.573 percent p.a. Coupon payments will be subject to certain conditions and can be deferred.
Listing on the SIX Swiss Exchange in Zurich is intended. The settlement is expected to occur on February 4, 2014.