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LJUBLJANA (Slovenia), April 25 (SeeNews) – Slovenian insurer Zavarovalnica Triglav [LJE:ZVTG] said it has issued a 50 million euro ($56 million) 30.5-year subordinated bond with the first call date after 10.5 years.
The new issue replaces the existing subordinated bond with maturity in 2020, the company said in a bourse filing on Wednesday.
“The new issue is part of the regular capital management activities of Triglav Group aimed at ensuring an optimal capital structure and its cost effectiveness,” Triglav said.
Until the first call date of the bond in 2029, the annual interest rate will be fixed at 4.375%, with the coupon payable annually. After that, the interest rate will be floating with coupon payments due quarterly.
The bond issue is intended for qualified investors and will be traded on the regulated market of the Luxembourg Stock Exchange.
($ = 0.89344 euro)