Gerling’s surprise return to market

German insurance firm Gerling Group returned to the bond market in August with a €250 million subordinated bond issue. The 20-year bond, issued by non-life insurer Gerling-Konzern Allgemeine (GKA), will carry a 7% coupon until 2014; if it is not called, it will then pay out 375bp over Euribor.

The bond marks Gerling Group’s first venture into the primary market since its reinsurance division, Gerling-Konzern Globale Ruckversicherungs (GKG), deferred the coupon on its €220 million bond. It was the

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