Swiss Re Subordinated Finance PLC (SRENVX)

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Swiss Re Subordinated Finance PLC (SRENVX)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	FNCL	PRCD	SRENVX	Swiss Re Subordinated Finance PLC	€750		1	EMEA	Apr 15, 2026

Tranche #1Swiss Re Subordinated Finance PLC

currency

EUR

size (m)

750.000

maturity

Apr 22, 2037

type

Fixed Rate Reset

tenor

11.000

call

10.00

registration

Reg S Only

benchmark

Swaps

ranking

Subordinated

moody's

s&p

BBB+

fitch

size description

re-open/tap

ipt

MS+165 area

ipt-pxd

-32

guidance

n/a - straight to launch

spread

133

coupon

4.399%

spread set

price

100.00000

yield

4.399%

book size (m)

2,200

peak book (m)

3,250

x-covered

2.93

book attrition

-32.31%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,200

peak book (m)

3,250

x-covered

2.93

book attrition

-32.31%

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 2200; First Pay: 2027-04-22; Redemption: 2036-04-22; Registration: Reg S Only; Comments: EUR750m 11yr NC10, Hybrid fxd-rate-reset cpn 4.399% at 100, yld 4.399%. Spread: MS+133bps. DBR 2.9% 02/36 +136.1bps (Spot: 98.83 / HR: 95%). Tax Call: Yes. Par Call: 12m. Clean-Up Call: 25%. Regulatory Call: Yes. LEI: 636700H29EH5Z8ZU8L04;

Guarantor(s)

Swiss Re Ltd

Use of Proceeds

General corporate purposes

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	PRICED: Swiss Re €750m 11NC10 T2 Sub; MS+133bp	Apr 15, 2026
	ALLOCATIONS OUT: Swiss Re €750m 11NC10 T2 Sub; MS+133bp	Apr 15, 2026
	LAUNCHED: Swiss Re €750m 11NC10 T2 Sub; MS+133bp	Apr 15, 2026
	UPDATE (BOOKS): Swiss Re € bmk 11NC10 T2 Sub; MS+165a	Apr 15, 2026
	NEW ISSUE: Swiss Re € bmk 11NC10 T2 Sub; MS+165a	Apr 15, 2026

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