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4.75% subordinated bond, undated

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The purpose of this facts is to inform the financial community of Helvetia Group and the public of the bonds of Helvetia Group. This specifications does not constitute an offer or a solicitation to exchange, buy or subscribe to paper securities, nor does it constitute an offering circular as defined by Art. 652a and Art. 1156 of the Swiss Code of Obligations or a listing prospectus as defined by the listing rules of the SIX Swiss Exchange AG. Should Helvetia Group raise capital in the financial market in the future, investors should make their decision to buy or subscribe to new shares, bonds or other paper securities solely on the basis of the relevant offering circular. The information is also available in German, French and Italian. The German version is binding.  

The facts and the information contained herein are especially not intended to be passed on to the United States of America (USA) or within the USA and must not be passed on to «U.S. persons» (as defined in Regulation S of the U.S. Securities Act of 1933 as amended («Securities Act»)) or to publications with a general circulation in the U.S. This information does not constitute an offer or a solicitation to buy securities in the U.S. The securities of Helvetia Holding AG  and/or Helvetia Swiss Insurance Company Ltd. have not been and will not be registered under the Securities Act and may not be offered, sold or delivered to U.S. persons without prior registration under the Securities Act or without an applicable exemption from the registration requirements. No public offer of securities of Helvetia Holding AG and/or Helvetia Swiss Insurance Company Ltd. is made in the U.S.

Neither the information contained in these pages, nor any opinion expressed, constitute an offer of or invitation to purchase instruments or securities in any jurisdiction. Any such offer or invitation will only be made in documents to be published in the due course and any such offer or invitation is limited to the information provided in such documents.

On 3 November 2010, Helvetia Swiss Insurance Company Ltd in St. Gallen issued an undated subordinated bond with a nominal volume of CHF 300 million on the CHF capital market. The bond has a fixed coupon rate of 4.75% p.a. for the first five years. After this period a floating interest based on the three-month CHF LIBOR rate will apply. The bond can be called for the first time after five years. It is scheduled to be listed on the SIX Swiss Exchange.

Details of the bond [PDF, 4,6 MB]

IssuerHelvetia Schweizerische Versicherungsgesellschaft AG
Initial Principal AmountCHF 300 mn
DenominationsCHF 5'000 and multiples thereof
Issue price101%
Coupon up to first call date                                          4.75% p.a.
Coupon p.a. up to first call date                                          3-month-CHF-Libor+Re-offer-Spread of 359.6 bps
Optional interest deferralThe Issuer may elect to defer interest on any interest payment date if specific conditions are not met
Mandatory interest deferralThe interest payment will be deferred if specific conditions are met
Deferred interest paymentDeferred interest are cumulative but do not themselves bear interest. Deferred Interests will be paid at the earliest of: (i) the issuer elects to pay interest; (ii) mandatory interest payment; (iii) redemption of the bonds; (iv) dissolution or liquidation of the issuer; (v) dissolution pursuant to a merger and suchlike where the successor does not assume all the obligations of the Issuer in respect of the Bonds
Launch date03.11.2010
Interest payment datesFirst short fixed coupon 30.11.20 - 30.06.2011
Full coupon on 30.06.2012 - 30.06.2015
Last short coupon 30.06.2015 - 30.11.2015
Thereafter quarterly interest payments, of which the first as per 29.02.2016
First call date30.11.2015, thereafter callable on each Interest Payment Date (subject to regulatory approval from FINMA)
Early redemptionThe Issuer has the right to call the Bonds upon:
(i) Tax Event (i.e. the Issuer is no longer able to obtain a tax deduction for the purposes of Swiss corporation tax for any payment of the Bonds); or
(ii) Accounting Event (i.e. loss of initial IFRS accounting treatment); or
(iii) Capital Event (i.e reduction of rating agency's equity credit); or
(iv) Regulatory Event (i.e the bonds are no longer eligible to qualify as Uppor Additional Capital (oberes ergänzendes Kapital))
SubordinationSubordinated to all present and future obligations of the Issuer, which are or will not be junior to the Bonds
Stock exchange listingSIX Swiss Exchange

The sole aim of this overview is to provide a simplified and non-binding summary. The offering prospectus alone is legally binding.

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