14 Borrowings

In CHF million Notes  30.06.200831.12.2007
Money market instruments   2837
Hybrid debt 18  2 8572 936
Convertible debt   6163
Other debentures   183494
Bank loans   8586
Finance lease obligations   15
Total borrowings   3 2153 621


Hybrid debt | On 12 April 2007, EUR 700 million in 5.849% guaranteed subordinated perpetual fixed to floating rate notes were issued by Swiss Life Insurance and Pension Company.

Convertible debt | On 10 June 2004, Swiss Life Holding Ltd issued CHF 317 million in 0.625% convertible bonds due in 2010. The bonds may be converted into registered shares of Swiss Life Holding Ltd at the option of the holder. Bondholders exercising their conversion right are entitled to receive the number of shares equal to the principal amount of CHF 1000 divided by the original conversion price of CHF 209.625 (subject to adjustments, with effect from 29 July 2008 conversion price of CHF 200.20).

Swiss Life Holding Ltd has the option to redeem all outstanding bonds at their principal amount (together with unpaid accrued interest) on or after 25 June 2007, provided that the closing price of the Swiss Life Holding share was at least 130% of the conversion price for 20 consecutive trading days. The early redemption at the option of Swiss Life Holding Ltd is subject to a period of 30 days’ notice to the bondholders.

In the first half of 2008, convertible bonds were converted into 14 472 Swiss Life Holding shares (2007: 1 184 170 Swiss Life Holding shares) with a corresponding increase in share capital totalling CHF 0.4 million (2007: CHF 49 million) and an increase in share premium totalling CHF 2.2 million (2007: CHF 173 million).

Other debentures | On 30 June 2008, EUR 300 million in 4.375% bonds matured and were repaid.

 
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