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1 #176 10/01/2024 19h22
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Cette nouvelle obligation AXA est une TIER 1
* EUR Benchmark PerpNC10 Variable 7% Area - réduit a 6.375% du a la forte demande
** Books above EU2b: Leads
** Coupon: Semi-annual, act/act
* Issuer: AXA SA (AXASA)
* Exp. Ratings: Baa1/BBB+
* Format: Reg S, bearer, junior subordinated note, Restricted
Tier 1
* Clean-up call (75%), perpetual call, tax changes call,
regulatory / capital disqualification call
* Settlement: Jan. 16, 2024
* Denoms: 100k x 1k
* ISIN: XS2737652474
* Bookrunners: Citi (GC), HSBC (GC), BNPP, BofA, CA-CIB, JPM
* Issuer Call: Callable from July 16, 2033 until Jan. 16, 2034
and any day during the six-month period prior to (and including)
each subsequent Reset Date
* Reset Dates: Jan 16, 2034 and every 5Y thereafter
* Coupon: Fixed until first reset date (Jan 16, 2034). If not
redeemed, coupon resets every 5Y at semi-annualised sum of 5Y
MS+ margin
An end-2025 deadline that will put at least €14 billion of older notes out of compliance with post-financial crisis regulations may spur more sales as insurers seek to meet capital requirements.
“The end of the grandfathering period will create some additional traction for some of the big issuers to sell RT1 but it will depend on the cost,” said Marcos Alvarez, global head of insurance at Morningstar DBRS, referring to a 10-year grace period that insurers were given to deal with junior bonds. “Issuers and investors got scared after the Credit Suisse debacle. Now some issuers are thinking about RT1s again.”
AXA is one of the insurers most reliant on so-called grandfathered notes, with at least €2.3 billion of old-school notes still outstanding, based on data compiled by Bloomberg.
AT1-Like Market for Niche Insurance Notes Is Coming Back to Life With AXA Debut - BNN Bloomberg
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