b'CORPORATE FINANCE|DEBT CAPITAL MARKETSand structured to be eligible as Tier 2 capital underunsecured notes issue, Vienna Insurance Group AG Solvency II. Shortly after publishing their GreenWiener Versicherung Gruppes 600 million senior Bond Framework in November 2021, Talanx madesustainability bond issue, Bloise Holding AGs its debut issuance of a subordinated green bond,CHF$250, senior bond and inaugural CHF$200 for principal 500 million. million senior green bond issues, and Zurich European insurers favored green bond issuancesInsurance Co Ltds US$200 million senior over other types of sustainability financing debtunsecured note issue.instruments, most of which were intended to be eligible as Solvency II regulatory capital. CNPAsiaAssurances issued and placed US$700 million ofThe issuance of conventional senior debt securities subordinated Restricted Tier 1 notes, the proceedsby Asia-based insurance companies continued to of which were eligible for Solvency II regulatorybe slow in 2021. In March 2021, AIA Group Limited capital. Notably, this issue was four times over- listed its US$12 billion global medium term note subscribed and follows on from successful pastand securities program and subsequently issued regulatory-qualifying issuances by CNP Assurance.four tranches of debt securities totaling US$2.0 Groupama Assurances Mutuelles made its firstbillion under such program. In May 2021, Guoren green issuance of 500 million subordinated notes,Property and Casualty Insurance Co., Ltd. issued intended to qualify as Tier 3 capital under Solvencyits US$560 million 3.35% notes due 2026 and II. These dual-purpose issuances, those that met CNY250 million 4.20% notes due 2023 for general both solvency requirements and ESG objectives, corporate purposes.were a noticeable market trend in 2021.Despite the slowdown of issuances of conventional Given the attractiveness of the subordinated debtdebt securities in the insurance sector, the number markets to insurance companies during 2021 asof issuances of insurance-linked securities touching described above, there were low volumes of seniorthe region increased significantly in 2021.[See ILS debt issuance in the insurance capital space and Convergence Markets for a review of the ILS these included NN Group NVs 600 million seniormarkets in 2021.]48|Global Insurance Industry Year in Review 2021'