Homburger advises Helvetia on the issuance of EUR 500 m hybrid bonds via a repack structure


On April 11, 2017, Helvetia Schweizerische Versicherungsgesellschaft AG (Helvetia) successfully issued EUR 500 m hybrid bonds. Helvetia made use of a repack structure whereby issuers domiciled in Switzerland may access international debt capital markets free of withholding tax. Helvetia placed loan notes (the Loan Notes) governed by Swiss law and guaranteed on a subordinated basis by Helvetia Holding AG to a multi-issuance vehicle domiciled in The Netherlands, which in turn issued secured notes (the Secured Notes) governed by English law and secured by the claims under the Loan Notes. The Secured Notes were placed with investors in the international debt capital markets and will be listed on the Irish Stock Exchange.

Homburger advised Helvetia with respect to Swiss law. The Homburger team consisted of partners Hansjürg Appenzeller (Corporate | M&A and Financial Services) and Stefan Oesterhelt (Tax) and associate Andreas Josuran (Financial Services).