1341 GMT Investors’ tendency to seek refuge in German issuers supports Allianz bonds, but Societe Generale says the market is underestimating the insurer’s exposure to risks. Analyst Rotger Franz is particularly concerned about volatility in Allianz’s Solvency II ratio, which remains very strong but is less stable compared to reinsurance peers. The group’s 2Q results also missed estimates, which should weigh on bond prices. Mr. Franz cuts his recommendation on the 5.75% call-2021, 5.625% call-2022 and 4.75% perpetual Allianz bonds to sell from hold.(tasos.vossos[a]wsj.com, [a]tasosvos)
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