Zurich Insurance Co. is marketing an as-yet unsized transaction called Willow No.2 (Ireland) that repackages subordinated notes issued by the Swiss multi-line insurer, according to a Standard & Poor's presale report.

Repacks, sometimes also called “structured notes,” are securitizations of general obligation bonds issued by the deal’s sponsor. The transactions are set up to allow interest payments on the senior notes to be made without having to pay withholding tax, according to S&P.

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