Krogerus advised Mandatum Life Insurance Company Limited on the standalone issuance of EUR 250 million fixed/floating rate dated subordinated notes due 2049, marking only the second debt instrument issued by a Finnish issuer and counting towards Tier 2 own funds under the Solvency II Directive. Mandatum Life's issuance follows Krogerus' advice on the successful issuance of EUR 500 million fixed/floating rate dated subordinated notes by Sampo plc, Mandatum Life's parent company.
The notes were rated BBB+ by S&P, listed on the official list of the Irish Stock Exchange and admitted to trading on the Global Exchange Market of the Irish Stock Exchange.
Goldman Sachs and Nordea Bank acted as joint lead managers.
Mandatum Life is one of Finland's most respected and solvent financial services providers. It offers private, corporate and institutional customers comprehensive services for building wealth and preparing for the future. Mandatum Life's services include unit-linked insurance and wealth management, personal insurance, pension and reward solutions for companies, as well as related consultation services. Mandatum Life has some 300,000 private customers and 20,000 corporate customers. Mandatum Life operates in Finland, the Nordic countries and the Baltics.
Sampo, Mandatum Life's parent, is a leading banking and insurance holding company in the Nordics. Its insurance holdings include If P&C Insurance, Mandatum Life and a major holding in Topdanmark. In the banking sector, it is the largest shareholder of Nordea Bank and a major shareholder of Nordax Group. Sampo is listed on the official list of Nasdaq Helsinki and has a market capitalisation of some EUR 20 billion.