Swiss Re, the reinsurance group, has managed to sell a Sfr5.5bn (€3.7bn) combined equity and equity-linked issue without having to offer a discount.

The company used a rights offering, a two-day bookbuild and a convertible issue to raise the money. The shares were sold at Sfr165.75, the closing price at the end of the bookbuild on Wednesday, and the convertibles were priced at the most aggressive end of the marketing range.