EBRD invests in the first Tier 3 subordinated bond by an insurer in Slovenia and the wider region.
Investment in the euro-denominated Solvency II compliant Tier 3 subordinated bonds with a total issuance of €50 million.
Bond proceeds to strengthen Slovenia’s capital markets and Sava Re’s competitiveness agenda.
The European Bank for Reconstruction and Development (EBRD) is investing €5 million in the inaugural debt capital market issuance of Pozavarovalnica Sava (Sava Re), a reinsurance company in Slovenia, in the form of euro-denominated subordinated bonds with an aggregate issuance amount of €50 million. This is not only the first Tier 3 subordinated bond to be issued by an insurer in Slovenia, but also in the wider central and south-eastern European region.
The project supports the development of Slovenia’s capital markets by demonstrating the viability of such a bond issuance, broadening Sava Re’s investor base and diversifying its funding sources. In addition, it fosters regional consolidation, thus improving the efficiency of the insurance market, which will lead to greater market penetration and long-term industry growth.
Alexander Saveliev, EBRD Head of Non-Bank Financial Institutions, said: “This project marks an important milestone in the history of Slovenia’s capital markets. We are very happy to support Sava Re in this landmark transaction.”
Marko Jazbec, Chairman of the Management Board of Sava Re, commented: “We are pleased with the successful transaction and appreciate the support from both international and domestic investors. We also recognise the EBRD’s ongoing commitment to the development of regional capital markets and its partnership with the Sava Insurance Group.”
Sava Re, listed on the Ljubljana Stock Exchange, is the parent holding company of the Sava Insurance Group. With over 40 years of experience in international reinsurance, Sava Re provides a full range of reinsurance coverage with more than 350 clients in over 100 reinsurance markets worldwide. Sava Insurance Group is one of the largest insurance groups based in south-eastern Europe, active in the reinsurance, life, non-life, pension and asset management businesses.
The EBRD has invested more than €1.6 billion in 109 projects in Slovenia since it began operating in the country in 1992.
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Publish date : 2024-10-02 02:15:00
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