Swiss Re’s hybrid issue gets equity classification

Swiss Re’s $750 million hybrid capital security issued on May 4 gained a preliminary classification as common stock for regulatory capital purposes.

The move, which follows a similar ruling in March over a Lehman Brothers hybrid, makes it more expensive for insurance companies to own the security. Until recently, insurance companies were buying around 20% of new hybrid issuance.

Bankers had not expected the structure of Swiss Re’s hybrid to get the equity classification due to its relatively

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: