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LJUBLJANA (Slovenia), November 5 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said on Tuesday it will invest 10 million euro ($11.2 million) in subordinated bonds issued by Slovenian reinsurer Sava Re [LJE:POSR].
Investment in the inaugural debt capital market issuance of the company will enable Sava to boost its capital base, the EBRD said in a statement.
"The main sources of transition impact will stem from supporting capital market development by demonstrating the viability of a Slovenian Solvency II subordinated bond issue and broadening its investor base. The project will diversify Sava's funding sources and better position it for future growth," the EBRD said.
Sava Re said last week it has issued a 75 million euro ($83.7 million) subordinated bond with maturity scheduled in 2039. The first call date is November 7, 2029, Sava Re said in a filing to the Ljubljana Stock Exchange (LJSE).
Sava Re's shares traded at 16.9 euro on the LJSE as at 1530 CET on Tuesday, down 0.59%.
The bonds are rated BBB+ by Standard & Poor's and will be listed on the Luxembourg Stock Exchange.