Phoenix Group diversifies away from senior with tender, T3 tap

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By Tyler Davies
25 Apr 2017

Phoenix Group Holdings sought to tap its outstanding tier three notes and tender one of its senior bonds on Tuesday, as it looked to improve its Solvency II capital position by increasing its subordinated debt levels.

Phoenix Group was marketing a tap of its 4.125% 2022 tier three notes, and hired Bank of America Merrill Lynch, Citi, JP Morgan, Lloyds Bank and NatWest Markets to arrange the trade.

When the original £300m deal was first launched in January, it ...

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