SCOR places €500M in 30-year subordinated bonds at 4.510%
What's the deal? French reinsurer SCORDealroom has a profile for this one. Try Dealroom → has successfully placed €500 million in subordinated bonds. The 30-year bonds mature in 2056 and qualify as Tier 2 regulatory capital under the EU's Solvency II framework. Moody's France SAS has rated them "A3."
The bonds carry a fixed rate of 4.510% per annum until 2036, after which they switch to a floating rate indexed to EURIBOR with quarterly payments. Settlement is scheduled for June 5, 2026, with a future listing on the Luxembourg Stock ExchangeDealroom has a profile for this one. Try Dealroom →.
Why now? SCOR said it will use the proceeds for general corporate purposes, including the repurchase of other subordinated debt. That suggests the reinsurer is taking advantage of current market conditions to refinance existing obligations on potentially better terms while shoring up its regulatory capital position.
What could go wrong? Subordinated bonds sit lower in the repayment hierarchy if the issuer runs into trouble — meaning investors bear more risk than senior bondholders. The switch to a floating rate in 2036 also introduces uncertainty: if EURIBOR rises significantly, SCOR's interest costs could climb.
The signal: SCOR, the world's fourth-largest reinsurer, is leveraging its scale and mature market position to lock in sub-5% fixed-rate financing for a decade before any floating-rate risk kicks in — a move that underscores how top-tier reinsurers can still access long-dated capital on favourable terms. The refinancing angle suggests SCOR is actively cleaning up its debt stack, a pattern seen across large European reinsurers looking to optimise Solvency II capital buffers ahead of a potentially bumpier underwriting cycle.
Read more: WebDisclosure
