25 September 2013 I Deals and Cases

Swiss Re Issues USD 750,000,000 Subordinated Contingent Write-off Loan Notes

Based on the issuance of USD 750,000,000 Subordinated Contingent Write-off Loan Notes with a scheduled maturity in 2024 by Swiss Reinsurance Company Ltd, an international placement of USD 750,000,000 Limited Recourse Secured Notes due 2024 issued by the repackaging vehicle Aquarius + Investments plc has been completed. The Loan Notes provide for a contingent write-off mechanism which is triggered in case the solvency ratio of Swiss Reinsurance Company Ltd falls below 125% of the required minimum level. BNP Paribas, Credit Suisse Securities (Europe) Limited, HSBC Bank plc, Merrill Lynch International, and The Royal Bank of Scotland plc acted as joint lead managers and Commerzbank Aktiengesellschaft, Mitsubishi UFJ Securities International plc, and Oversea-Chinese Banking Corporation Limited acted as co-managers.

Bär & Karrer acted as legal advisor to Swiss Re. The team comprised Thomas U. Reutter, Roland Truffer, Romina Brogini and Daniel Heiniger.