EMTN programme

A European Medium Term Note (EMTN) programme is a platform from which debt issues can be launched, in a very efficient way.

The issuing of debt securities can either take place on the basis of a listing prospectus specifically drawn up for a single bond issue or on the basis of an issuance programme that has been registered with a listing authority in advance. Issuing debt securities from an issuance programme significantly reduces the work and cost involved for an individual issue and increases the flexibility of the issuers both in terms of timing and structuring.

The notes can be tailored to meet the issuers’ requirements and investors’ appetite regarding subordination (from senior to Tier 1 securities), currency, maturity fixed or floating interest rate or other structural features. The notes can be structured as a private or public transaction. With Swiss Re’s programme public notes can be listed on the Luxembourg Exchange or on SWX Swiss Exchange.

The EMTN programme puts a standard documentation framework in place, governing all future issues thereunder, which is then approved by the listing authorities. It delineates an ongoing contractual relationship between the programme arranger, the issuers, and the appointed dealers. An offering circular is compiled on a yearly basis containing general terms and conditions and outlining the roles and responsibilities of the parties involved. When an issuer issues notes under the programme the specific terms and conditions of these notes remain to be compiled in a pricing supplement as opposed to a detailed offering circular as with stand-alone documentation.


Summary

The following Swiss Re Group companies can issue notes for a total of USD 10bn (or its equivalent in other currencies) outstanding at any time under Swiss Re's EMTN programme.

Issuers

  • Swiss Reinsurance Company
  • European Reinsurance Company of Zurich
  • Swiss Re Treasury (US) Corporation
  • Swiss Re Finance (Bermuda) Ltd.
  • Swiss Re GB PLC
  • Swiss Re Treasury (Luxembourg) S.A.

Programme arranger

  • JPMorgan

Dealers appointed

  • BNP Paribas
  • Citigroup
  • Credit Suisse
  • Deutsche Bank
  • HSBC
  • JPMorgan
  • Lehman Brothers
  • Swiss Re Capital Markets Limited
  • Swiss Re Capital Markets Corporation
  • UBS Investment Bank

    (Additional Dealers may be appointed)

 

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