AXA announced Wednesday evening that its €1.5 billion 'Restricted Tier 1' super-subordinated bond issue had been more than five times oversubscribed.

In line with Solvency II prudential requirements, the bonds include a loss-absorption mechanism in the form of a reduction in the nominal amount of the bonds in the event of certain solvency thresholds not being met.

The proceeds of the issue, which forms part of the AXA Group's financing plan for 2024, are to be allocated to financing the insurer's general corporate purposes, including refinancing part of its existing debt.

The initial fixed rate is 6.375% per annum until the end of the six-month early redemption period, which ends in January 2034, and will be reset every five years thereafter.

The bond was placed with institutional investors





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