First insurance company to issue on this market
The Mercado Alternativo de Renta Fija (MARF) has registered a Subordinated Bond issue by insurance company CASER to the value of €168.8 million.
It is a Subordinated Bond (Tier 2) issue with an annual coupon of 8% and its maturity date is 2026, although it allows full early amortisation by the issuer under certain conditions.
The purpose of issue is to increase the company’s own resources, in keeping with the forthcoming regulatory requirements for the insurance sector under the new Solvency Directive II. CASER has a Ba2 Insurance Financial Strength Rating granted by Moody’s, with positive outlook.
Ahorro Corporación has been appointed Registered Advisor for the transaction and Cecabank is acting as Payments Bank to service the debt. Uría Menéndez has acted as the legal adviser for the operation.
The CASER Group has a broad base of Spanish entities as its shareholders, i.e Ibercaja Banco, Abanca, Liberbank, BMN, Caixabank, Bankia, Unicaja Banco, Cecabank, Ahorro Corporación, as well as the French mutual group COVEA. CASER provides all kinds of life insurance and non-life insurance solutions, such as home, car, health and agricultural insurance, among others. The group covers over 2.3 million policies of insured clients and operates 12,000 selling points in Spain. In 2014 the turnover in premiums totaled €1.4 billion, with total revenue of €1.8 billion. The group’s consolidated pre-tax earnings came in at €104 million. At the end of 2014 the value of assets managed by CASER was €9.3 billion.
The Market Status informs through quick and easy-to-read notices on incidents affecting the Equity, Derivatives and Fixed Income markets as well as Indices and financial systems operated by BME.
If an issue occurs, the message "TRADING" will change to "MARKET ISSUE" to reflect that a market event has occurred. By clicking on the Issue of the published alert it will be possible to access the information and intraday updates associated with this incident, which will be published immediately.
Note: BME will use its discretion to assign the severity of an incident