Daring Axa gets Eu2.25bn Tier 1, calms market nerves
French insurance company Axa launched a daring Eu2.25bn tier one capital issue this week that succeeded, thanks to market-friendly pricing, and restored confidence to a battered European bank capital sector.
Only two weeks after announcing its Eu7.9bn acquisition of Swiss insurer Winterthur on June 15, Axa completed the first leg of the takeover financing. Its three tranche issue of perpetual tier one capital in sterling and euros pulled in Eu10bn of demand.
Many bond specialists were astonished when Axa
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