La Mondiale RT1 a blowout but pricing debated

By David Freitas
17 Oct 2019

La Mondiale gave investors a rare chance to put money in restricted tier one (RT1) ranks this week. The bond was oversubscribed by more than 10 times but the insurance company paid a hefty premium to do the deal, according to one source away from it. However, one of the leads disagreed and said the bond was priced “probably inside fair value”.

La Mondiale picked HSBC to act as restructuring adviser and also to run the books alongside Morgan Stanley and Natixiswhich were opened following a two day roadshow.

They started out with price thoughts of 5% area on the RT1 bond, fixing the size of €500m at the ...

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