Business News

Insurer Triglav Bond Issue Sold

Ljubljana, 22 December (STA) - Slovenia's leading insurance company Zavarovalnica Triglav announced on Tuesday it had sold the entire EUR 30m issue of subordinated bonds (ZT02) at an annual fixed interest rate of 5.95%.

The interest rate was fixed at 250 basis points above the mid swap rate as on 15 December 2009 at 11 AM on the Bloomberg EIISDA10 page in the amount of 3.448%.

The interest in the purchase of bonds equaled the offered emission value of the issue, the insurer stated in a press release, adding that it had accepted all offers from investors. The weighted average of bids was 100% of the nominal value of bonds.

At the same time Zavarovalnica Triglav redeemed EUR 16.692m from the holders of subordinated bonds from the first issue (ZT01).

The insurer issued the bonds to secure its capital adequacy.

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