PGH proves popular amid lack of RT1 supply

By Tyler Davies
22 Jan 2020

Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re.

Bank of America, Citi, HSBC, JP Morgan and Natixis were arranging the sale of the perpetual non-call 5.25 year RT1 for Phoenix.

They opened books on the Reg S dollar deal with price thoughts in the 6% area on Wednesday morning.

It did ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.