Allianz, the German insurer, has said it hopes to shore up its credit ratings by raising €5bn ($5.3bn) from an imminent rights issue and a subordinated bond issue.

Dresdner Kleinwort Wasserstein (DrKW), the investment banking arm of Allianz's Dresdner Bank, is one of five global co-ordinators in the rights issue, which will be the largest ever underwritten deal of its kind. Allianz hopes to raise €3.5bn to €4bn. The issue is underwritten at a minimum issue price of €30 per share and will be launched as soon as possible, the insurer said on Thursday.