Direct Line seeks to optimise capital with dual RT1 and LME

By Tyler Davies
23 Nov 2017

Direct Line Insurance is set to become the first insurer to sell a benchmark restricted tier one (RT1) deal in the sterling market. The UK insurer will use the proceeds from the transaction to buy back some of its older tier two notes and optimise its capital stack under Solvency II.

Direct Line Insurance picked Deutsche Bank, HSBC and NatWest Markets as lead managers for the perpetual non-call 10 year RT1. HSBC and NatWest Markets also worked on the deal as structuring advisors.

The mandated banks ...

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