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Bond Market News
Allianz’s Deal for Singapore’s Income Insurance to be Blocked; Open to a Revised Deal
October 15, 2024
Allianz’s proposed deal to buy a majority stake in Singapore’s Income Insurance will be blocked by the Singaporean government. However, the government is open to a new deal if its concerns get addressed, the Prime Minister Lawrence Wong said. Allianz proposed the deal in July at a S$2.2bn ($1.68bn) valuation to strengthen its presence in Asia and make it Asia’s fourth-largest insurer (from ninth). Reuters notes that the deal faced hurdles from locals who worried that the transaction would detract the entity from providing affordable insurance for lower income workers. The detailed reason regarding the disapproval of the deal was not stated by the government, but noted that it came across additional information giving it “cause for concern”. Allianz has responded saying that it will consider revisions to the transaction structure. Besides, NTUC, the top shareholder in Income Insurance, said that it will study the implications and work with stakeholders on next steps.
Allianz’s bonds traded stable, with its USD 3.2% Perp at 85.7, yielding 7.97%.
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