Linklaters advises Munich Re on the first US dollar-denominated green subordinated bond issued by a European insurer in the US market

Linklaters advised Munich Re as issuer on its inaugural US Dollar-denominated green subordinated bonds in Rule 144A/Reg S format. The bonds in an aggregate principal amount of USD1.25bn represent the first US dollar-denominated green subordinated bond issue by a European insurer in the US market under Rule 144A.

The green bond underlines Munich Re's commitment to the Paris Climate Agreement and supports its strategic objective to significantly increase investments in energy efficiency and renewable energy to combat climate change. The capital raised will be used to finance or refinance suitable projects as defined in Munich Re's Green Bond Framework. 

Munich Re is a leading global provider of reinsurance, primary insurance and insurance-related risk solutions. The Group consists of the business fields of reinsurance and ERGO as well as the asset manager MEAG and is active worldwide and in all lines of insurance.

The Linklaters team was led by the two Frankfurt-based Partners Peter Waltz and Dr Marco Georg Carbonare and also included Kevin Roy (US Counsel), Martin Rojahn (Counsel), John Hunt (Senior US Associate), Nick Warman (US Associate), Dominik Robker (Associate).