Swiss Re sells into troubled hybrids market

Reinsurance group Swiss Re has sold $2 billion in hybrid capital securities in a two-part transaction comprising a $750 million tranche sold in the US and a €1 billion tranche sold in Europe.

The deal, which is expected to close on May 12, was heavily oversubscribed in the US as well as Europe, despite the uncertainty in the market since US insurance regulators effectively barred insurance companies from holding hybrids. The National Association of Insurance Commissioners (NAIC) in March rec

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