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Friends Life tightens pricing to get $575m

UK insurer Friends Life tightened the pricing of its debut Asian dollar Reg S tier two deal on Thursday, printing $575m of perpetual non-call six paper at a yield of 7.875%. Bankers said the deal underlined the strength of demand for high yielding paper among Asian high net worth investors, although some felt it had been helped along by pricing that was too generous.

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