PIC offers 7.375% coupon for growth-boosting RT1 debut

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By Tyler Davies
18 Jul 2019

Pension Insurance Corp (PIC) offered a pickup over similar instruments for its debut restricted tier one (RT1) transaction on Thursday. It hopes the deal will help it tap into growth in the UK’s pension risk transfer market.

PIC opened books on a perpetual non-call 10 year restricted tier one on Thursday morning. HSBC, JP Morgan and NatWest Markets, whichrunning the trade, began the pricing in the area of 7.625%.

Investors had put in orders worth about £500m ($624.8m) by 9.30am in ...

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