Tier three turns heads after sterling return

By Tyler Davies
19 Jan 2017

Europe’s nascent tier three market is rapidly proving itself as a happy medium between tier two and senior, capable of pleasing issuers and investors in equal measure. Phoenix Group Holdings priced only the third example this week, and the first in sterling, but the deal’s impressive performance suggests the asset class could have a bright future.

Insurers have made limited use of tier three instruments since Solvency II — the new capital framework for European insurers — came into effect at the beginning of 2016. Aviva opened the asset class for the first time in Canadian dollars last year, but only CNP Assurances followed, ...

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