The coupon has been set to 1.375% until September 17, 2031, and resets every 10 years at the prevailing 10-year EUR mid-swap rate + 2.6%. The 31NC11 notes mature on September 17, 2051. Settlement is expected to take place on September 17, 2020.
The proceeds from the notes are expected to be eligible for inclusion in the Tier 2 regulatory capital, in accordance with applicable rules and regulatory standards, and as equity credit in the rating agency capital models. The notes are expected to be rated A by Standard & Poor's.
SCOR also confirms its intention to redeem the CHF 125 million undated subordinated notes, issued on October 20, 2014, and callable in October 2020, already refinanced from the proceeds of the USD 125 million notes issued in 2019.
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented:
"With this successful placement, SCOR continues to benefit from exceptional market conditions in a low yield environment. The success of today's Euro placement enables us to further secure attractive long-term financing to support the future organic growth of the Group. The notes were oversubscribed by 9 times, which confirms the very high level of confidence placed in the Group by the credit market."