Phoenix wraps up first equity-funded ACSM
Phoenix Group, the UK insurance holding company previously known as Pearl, raised £33m from an equity placement on Friday in what bankers believe is the first ECM deal to fund an alternative coupon settlement mechanism (ACSM) payment on a hybrid tier one bond.
ACSM language is frequently written into hybrid tier one deals so that they can retain regulatory capital status, but the Phoenix deal is thought to be the first time that equity has been used.
If a company misses a coupon, the Financial Services Authority is keen for it not
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.