Viridium Group Sarl, a German insurer acquired this year by a consortium including Allianz SE and BlackRock Inc., sold its first-ever junior bond in a market issuing debt at a record pace.
The firm raised €850 million ($987 million) of Tier 2 notes due in just over 10 years, according to a person familiar with the matter who asked not to be identified. It drew more than €2.9 billion of orders and was priced at 175 basis points above mid-swaps, down from initial price thoughts of around 200 basis points, the person said.
Proceeds will repay senior debt ...
