PGH proves popular amid lack of RT1 supply
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.
They opened books on the Reg S dollar deal with price thoughts in the 6% area on Wednesday morning.It did ...
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