Rothesay breathes life into dormant tier three market

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By Tyler Davies
09 Jul 2019

Rothesay Life reminded market participants of the rarely seen tier three bond format on Tuesday, raising £300m of solvency capital on the back of more than twice as much demand.

The insurance company sold the £300m seven year deal at 290bp over Gilts through Morgan Stanley, having welcomed about £875m of demand into the books. Initial price thoughts were 20bp wider, in the 310bp area.

Market participants said that fair value for the tier three transaction was ...

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