Aviva brings back insurance sub debt with tight two-parter
Aviva revived the insurance company subordinated debt market with a Eu500m 30 year non-call 10 issue and a £400m 50 year non-call 30. Citigroup, Deutsche and Morgan Stanley found strong demand and priced both tranches inside guidance. Société Générale is planning to add to this institutional supply today with a perpetual non-call five year fixed/FRN tier one issue marketed at 350bp area over mid-swaps. To find out why the institutional market is reviving, read EuroWeek this week.
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