In 2011, SRLEV NV (‘SRLEV’) issued CHF 105 million undated callable subordinated bonds (ISIN code CH0130249581) (‘the Bond’). The Bond has a first call date on 19 December 2016. SRLEV has decided to not exercise its call option to redeem the Bond in December 2016.
Under the Solvency II transitional measures the Bond qualifies in full as Restricted Tier 1 own funds in the calculation of Solvency II own funds for ten years after 1 January 2016. At this specific time, it has been determined that it is currently in the interests of SRLEV and its policyholders not to exercise the call option to redeem the Bond.
VIVAT NV, the parent company of SRLEV, has a strong Solvency II position well above its internal target.
The interest rate on the bond resets to 5-year CHF mid-swap plus 5.625%.
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