Issuer
Allianz SE {ALVGR Corp <GO>}
Instrument
Perpetual Fixed Rate Resettable Restricted Tier 1 Notes
IPTs
3.000%a
Issuer Senior Ratings
Aa3 (stable) / AA (stable) (Moody’s / S&P)
Issuer Sustainability Ratings
ISS ESG: Prime status / S&P Global: 85/100
Expected Issue Ratings
Baa1 (hyb) / A (Moody’s / S&P)*
Status
Unsecured and subordinated obligations of the Issuer, ranking pari passu among themselves and subordinated to the Issuer’s Senior Ranking Obligations (including unsubordinated obligations, Tier 2 basic own-funds and Tier 3 basic own-funds and grandfathered RT1 instruments which rank pari passu with Tier 2 basic own-funds), senior only to equity
Issue Amount
EUR benchmark
Settlement Date
07 September 2021 (T+4)
Reset Dates
30 April 2032 (the “First Reset Date”) and thereafter any fifth anniversary of the preceding Reset Date
Maturity Date
Perpetual
Redemption at the Option of the Issuer
The Issuer may redeem the Notes (in whole only) on (i) each Business Day falling in a period from and including 30 October 2031 to (but excluding) the First Reset Date; (ii) the First Reset Date; (iii) after the First Reset Date, each Business Day falling in a period from and including the 30 October immediately before each Reset Date to (but excluding) such Reset Date; and (iv) each Reset Date, at the prevailing Reference Nominal Amount, together with accrued interest, subject to the Conditions to Redemption. Optional redemption is prohibited unless any write-downs have been fully written up (subject to the 10-year write-up limitation – see “Reference Nominal Amount” below)
Rate of Interest
Fixed rate of [●]% per annum, payable annually in arrear on 30 April in each year, commencing on 30 April 2022 (short first interest period) until (and excluding) the First Reset Date. Interest rate resets on the First Reset Date and every Reset Date thereafter to the sum of the applicable Reference Rate and the initial Credit Spread (no step-up)
Reference Rate
5 year EUR mid-swap Rate
Initial Credit Spread
[●]%
Day Count
Act/Act
Optional Interest Cancellation
The Issuer has the right to cancel (in whole or in part) any payment of interest on the Notes on any Interest Payment Date in its sole discretion
Mandatory Interest Cancellation
Interest will be mandatorily cancelled in case of (i) an Insolvency Event having occurred, including if it would occur as a result of such interest payment (ii) prohibition by order of the Competent Supervisory Authority (iii) a Solvency Capital Event having occurred, including if it would occur as a result of such interest payment (subject to an exceptional prudential waiver in certain circumstances), or (iv) insufficient Available Distributable Items
Solvency Capital Event
Non-compliance by the Issuer and/or the Group with the solvency capital requirements applicable to the Issuer and/or the Group (Solo SCR Ratio, the Group SCR Ratio, the Solo MCR Ratio and the Group MCR Ratio)
Extraordinary Call Rights
The Issuer may redeem the Notes (in whole only) at the then current nominal amount together with any accrued interest at any time upon the occurrence of a Tax Event, Regulatory Event or Rating Agency Event. Any such redemption is subject to the Conditions to Redemption.
The Issuer may waive at any time and in its sole discretion, any of the above call rights for a definite or indefinite period of time
200k+200k
Allianz SE {ALVGR Corp <GO>}
Instrument
Perpetual Fixed Rate Resettable Restricted Tier 1 Notes
IPTs
3.000%a
Issuer Senior Ratings
Aa3 (stable) / AA (stable) (Moody’s / S&P)
Issuer Sustainability Ratings
ISS ESG: Prime status / S&P Global: 85/100
Expected Issue Ratings
Baa1 (hyb) / A (Moody’s / S&P)*
Status
Unsecured and subordinated obligations of the Issuer, ranking pari passu among themselves and subordinated to the Issuer’s Senior Ranking Obligations (including unsubordinated obligations, Tier 2 basic own-funds and Tier 3 basic own-funds and grandfathered RT1 instruments which rank pari passu with Tier 2 basic own-funds), senior only to equity
Issue Amount
EUR benchmark
Settlement Date
07 September 2021 (T+4)
Reset Dates
30 April 2032 (the “First Reset Date”) and thereafter any fifth anniversary of the preceding Reset Date
Maturity Date
Perpetual
Redemption at the Option of the Issuer
The Issuer may redeem the Notes (in whole only) on (i) each Business Day falling in a period from and including 30 October 2031 to (but excluding) the First Reset Date; (ii) the First Reset Date; (iii) after the First Reset Date, each Business Day falling in a period from and including the 30 October immediately before each Reset Date to (but excluding) such Reset Date; and (iv) each Reset Date, at the prevailing Reference Nominal Amount, together with accrued interest, subject to the Conditions to Redemption. Optional redemption is prohibited unless any write-downs have been fully written up (subject to the 10-year write-up limitation – see “Reference Nominal Amount” below)
Rate of Interest
Fixed rate of [●]% per annum, payable annually in arrear on 30 April in each year, commencing on 30 April 2022 (short first interest period) until (and excluding) the First Reset Date. Interest rate resets on the First Reset Date and every Reset Date thereafter to the sum of the applicable Reference Rate and the initial Credit Spread (no step-up)
Reference Rate
5 year EUR mid-swap Rate
Initial Credit Spread
[●]%
Day Count
Act/Act
Optional Interest Cancellation
The Issuer has the right to cancel (in whole or in part) any payment of interest on the Notes on any Interest Payment Date in its sole discretion
Mandatory Interest Cancellation
Interest will be mandatorily cancelled in case of (i) an Insolvency Event having occurred, including if it would occur as a result of such interest payment (ii) prohibition by order of the Competent Supervisory Authority (iii) a Solvency Capital Event having occurred, including if it would occur as a result of such interest payment (subject to an exceptional prudential waiver in certain circumstances), or (iv) insufficient Available Distributable Items
Solvency Capital Event
Non-compliance by the Issuer and/or the Group with the solvency capital requirements applicable to the Issuer and/or the Group (Solo SCR Ratio, the Group SCR Ratio, the Solo MCR Ratio and the Group MCR Ratio)
Extraordinary Call Rights
The Issuer may redeem the Notes (in whole only) at the then current nominal amount together with any accrued interest at any time upon the occurrence of a Tax Event, Regulatory Event or Rating Agency Event. Any such redemption is subject to the Conditions to Redemption.
The Issuer may waive at any time and in its sole discretion, any of the above call rights for a definite or indefinite period of time
200k+200k
