PGH proves popular amid lack of RT1 supply

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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 ...

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