Zurich Insurance is in on 'Superbond'

The powerful Zurich Insurance Group was the last major holdout on the 'Superbond' offering. Zurich was never comfortable with the re-profiling, and continued to holdout. But tonight, the news is that six days to go before the end of week closing, Zurich has signed on. Zurich held $136 million, and has now indicated to Belize's 'Superbond' managers that they will subscribe to the latest bond offering. This should bring subscription to about 97% subscription, which may be a record.

This comes just as the Financial Times of London reports that Belize's sovereign debt restructuring has gone so well that it's set a new direction for future offerings worldwide.