The British insurance group Admiral Group PLC (ISIN GB00B02J6398, WKN A0DJ58) has one Subordinated Bond (Tier 2) with a Term until January 6th, 2034 (10 ½ years) and a volume of GBP 250 million emitted. The coupon is 8.50%, The issue price 100.00%. The Admiral Group is rated A by Fitch. A BBB rating is expected for the Tier 2 bond. The subordinated bond (Tier 2) has a denomination of GBP 1,000, the minimum order is GBP 100,000 (ISIN XS2643776680). Settlement will take place on July 6th, 2023. The bond issue was accompanied by HSBC, Lloyds and UBS. The Admiral Group is active in the UK, France, Italy, Spain and the USA, among others. The group employs over 11,000 people and is in the FTSE 100.
The Commerzbank AG (ISIN DE000CBK1001, WKN CBK100) has one Subordinated Bond (Tier 2) with a volume of EUR 500 million and a term until October 5, 2033. The coupon is 6.75% pa, interest is paid annually. The issue price was 99.587%. Commerzbank is rated A- or A2. Baa3 or BB+ ratings are expected for the subordinated bond. Settlement will take place on July 5th, 2023. The bond has a denomination of EUR 100,000 (ISIN DE000CZ43Z49). Barclays, Commerzbank, HSBC, ING, and Natixis accompanied the bond issue as bookrunners.
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Photo: © Commerzbank AG