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21 October 2026
Allianz SE has completed the issuance of a Restricted Tier 1 (RT1) bond on 22 April 2026. The US dollar 750 million bond is perpetual, is first callable at the option of Allianz SE in October 2034, and pays an annual coupon of 6.5% p.a. until the first coupon reset date on April 30, 2035, subject to certain conditions.
The bond is deeply subordinated and senior only to equity. In line with Solvency II requirements for RT1 capital, the bond features a principal loss absorbency mechanism in the form of a write-down of the nominal amount in case a solvency-related trigger is breached. Coupon payments and redemptions are at the full discretion of Allianz SE unless they are mandatorily prohibited. The bond was placed with institutional investors and is listed on the Luxembourg Stock Exchange (Euro MTF).
Hengeler Mueller advised Allianz on the issuance and placement under Rule 144A/Reg S as to German and EU laws.
Hengeler Mueller team for Allianz
Capital Markets: Alexander Rang (lead), Pascal Brandt (both partner), Karsten Staupe (senior associate, all Frankfurt),
Tax: Matthias Scheifele (partner, Munich), Marius Marx (counsel), Ann‑Christin Wolf (associate, both Frankfurt).
