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
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