Groupama tops up capital with two-for-one exchange

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By Tyler Davies
18 Jan 2017

Groupama exchanged a legacy tier one and a legacy tier two instrument for a new bullet tier two on Tuesday, as the French insurer looked to optimise its capital structure under Solvency II.

Last week Groupama had asked holders of its 6.298% €414m perpetual tier one bond, and its 7.875% €750m dated tier two bond, whether they wanted to exchange their bonds for a new 10 year bullet tier two. To clarify the terms of the liability management exercise, the French ...

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