Groupama switches old for new with tightly priced T2

By Tyler Davies
09 Sep 2019

Groupama seized an opportunity to replace one of its outstanding tier twos with a cheaper set of capital instruments on Monday, drawing on sizeable demand for higher yielding assets in the euro market.

The French insurance company hired BNP Paribas, Citi, Crédit Agricole, HSBC, JP Morgan and Natixis to arrange the sale of its 10 year tier two on Monday.

The lead managers began the pricing at 260bp-265bp over mid-swaps, with the size of the ...

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