a.s.r. issues inaugural €300 million Restricted Tier 1 capital instrument


ASR Nederland N.V. ('a.s.r.') today successfully launched and priced a €300 million Perpetual non-call 10 year Restricted Tier 1 Contingent Convertible capital instrument. Priced with a fixed-rate coupon of 4.625% (resettable after 10 years), the transaction is a.s.r.'s inaugural Restricted Tier 1 and is the first issue of a Restricted Tier 1 instrument denominated in Euro in the European insurance sector.

Final orders totalled over €2.6 billion with participation from 110 investors demonstrating the widespread support both for a.s.r. as a credit and Insurance Restricted Tier 1 as an asset class. The securities were placed primarily with fund managers, insurers and specialist funds in the United Kingdom, Netherlands, France and Nordic countries.

Chris Figee, CFO: 'a.s.r. has demonstrated today its commitment and proactive approach to responsible long-term oriented financial management through an innovative and market leading transaction. We are proud to have issued the first Euro denominated Insurance Restricted Tier 1, which further underpins a.s.r.'s strength and position in the capital markets. With this transaction we have successfully added a new instrument to our capital management toolbox. We maintain ample headroom in all capital tiers and our financial flexibility remains very strong, The coupon of 4.625% reflects the strong confidence of the investment community in our company. We thank our investors for their trust in a.s.r. and in making this inaugural issue such a great success.'

This press release shall not constitute an offer to purchase or the solicitation of an offer to purchase, nor shall there be any sale of Restricted Tier 1 securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the relevant securities laws of any such jurisdiction.