Phoenix Group swaps old for new but lacks plan transparency

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By David Freitas
28 May 2020

Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.

The UK insurance company commissioned Barclays, Citi, HSBC and JP Morgan to run the books on its new tier two bond — an 11.25 year deal callable after 6.25 years.

Bookrunners started the trade with price thoughts of 5.375% area, targeting a $500m size ...

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