Allianz SE (ALV.XE) Thursday said it has placed CHF500 million ($678 million) in subordinated debt with investors in Switzerland.

MAIN FACTS:

-The bond is undated; ordinary call rights start in July 2019.

-The annual coupon of 3.25% is fixed until July 2019.

-Thereafter the coupon will be reset every five years based on the then-prevailing 5-year-swap rate plus a margin of 2.573% annually.

-Coupon payments will be subject to certain conditions and can be deferred.

-Listing on the SIX Swiss Exchange in Zurich is intended.

-Settlement is expected for Feb. 4, 2014.

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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