Winner: Swiss Re

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Reinsurance group Swiss Re sold $2 billion in hybrid capital securities in May in a two-part transaction comprising a $750 million tranche sold in the US and a EUR1 billion tranche sold in Europe. The deal attracted strong demand from investors despite uncertainty in the primary market for US hybrids, and was oversubscribed to the tune of EUR6 billion of orders for the European book and $4 billion for the US tranche.

In the US, Swiss Re's deal was the first hybrid sold since the US insurance

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