Despite uncertain market conditions in the London market, Paul, Weiss client Swiss Re Admin Re Limited, a leading U.K.-based acquirer and consolidator of closed books of in-force life and health insurance business and a subsidiary of Swiss Re Ltd, launched and closed its debut offering of €750,000,000 1.375% Notes due May 27, 2023. The operations of Swiss Re Admin Re Limited and its consolidated subsidiaries, all of which are wholly owned by Swiss Re, encompass the core closed life book business of the Swiss Re Group and include the historical operations of Guardian Holdings Europe Limited (since renamed Admin Re Jersey One Limited) and its subsidiaries following completion of the acquisition of the Guardian Group.

Very shortly after the launch of the Swiss Re Admin Re offering, the parent company (Swiss Re Ltd) launched and closed an offering of up to $800,000,000 Subordinated Fixed-to-Floating Rate Non Step-Up Callable Loan Notes with a scheduled maturity in 2052. This is the third time in less than seven months that Swiss Re has locked in funding using a loan note issuance facility extended to a repackaging vehicle, with proceeds raised through the issuance of notes by the repackaging vehicle applied initially to purchase U.S. Treasury securities. The 36/NC 11 Subordinated Notes achieve Swiss Re's rating agency and regulatory capital treatment objectives.

The team representing Swiss Re for both offerings included Mark Bergman with U.S. tax advice provided by David Mayo.