Ageas swaps old for new in blowout RT1 transaction

By David Freitas
03 Dec 2019

Ageas sold a restricted tier one (RT1) bond this week in an effort to replace some of its grandfathered securities. The insurer secured tight pricing, bolstered by about €5bn of orders.

Ageas was looking to sell a perpetual non-call 10.5 year RT1 bond, with expected ratings of BBB and BBB- from S&P and Fitch respectively.

It chose BNP Paribas, Citi, Credit Suisse, Deutsche Bank and JP Morgan to run the books.

The lead managers ...

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