PZU eyes subordinated debt issue

Poland’s largest insurer PZU may carry out a subordinated debt issue before the end of this year, provided that it gets approval to do so from the Polish Financial Supervision Authority (KNF), the company’s management board member Przemysław Dąbrowski was quoted as saying by ISBnews. The company has a legal opinion that states it would not have to wait for law changes to be able to issue subordinated debt. “Within the next two weeks we will know if that can be done and whether the KNF has accepted such an interpretation,” Dąbrowski said on Thursday. In late August PZU had said it was working with the KNF to amend the law and allow insurers to issue subordinated debt.