As is customary for international offerings of debt securities by Swiss (re-)insurers, Swiss Re issued notes to, and which are held by, a repackaging vehicle, in this case ELM B.V. (or a nominee acting on its behalf). ELM B.V. issued its own 6-year exchangeable notes secured by the notes issued by Swiss Re.

Barclays Bank PLC, Deutsche Bank AG, London Branch, J.P. Morgan Securities plc, Merrill Lynch International and UBS Limited acted as joint lead managers.

Bär & Karrer advised Swiss Re in this transaction. The team included Thomas U. Reutter, Roland Truffer and Daniel Raun (all Capital Markets).