Yield hunters flock to rare insurance sub from Ageas
Ageas gave investors a rare chance to invest in subordinated debt from an insurance company this week, with the firm’s new €500m tier two attracting eight times as many orders from investors.
The Belgian insurance company sold its €500m long 30 year non-call 10 tier two through JP Morgan, Morgan Stanley, Natixis and Sociéte Générale.These banks started the pricing in the 320bp area over mid-swaps, but were able to ratchet the spread in by 40bp to land at 280bp ...
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