Law firm Stephenson Harwood LLP has advised SCOR SE, the world’s 4th largest reinsurer, on its issuance of US$124.8 million perpetual fixed rate subordinated resettable restricted Tier 1 notes.

These notes will complement the existing US$625 million issue made by SCOR on 13 March 2018 which, together, make up the first listed Tier 1 bond issuance by a French insurer under the Solvency II regulations.

The notes will be admitted to trading on the Luxembourg Stock Exchange’s regulated market.

BNP Paribas, Credit Agricole CIB and JP Morgan acted as Joint Lead Managers of the notes issue.

The Stephenson Harwood team was led by finance and capital markets partner Jeremy Grant, who was assisted by associate Cloe Nguyen and senior associate Julien Meillereux. Partner Stephane Salou provided tax advice.