Legal & General debuts in RT1 with bumper books

By David Freitas
17 Jun 2020

Legal & General’s order books peaked at over £4bn ($4.96bn) as it made its first sale of restricted tier one (RT1) capital this week, joining many of its UK peers in the asset class. The insurer used the popularity of its trade to tighten the pricing and leave no new issue premium behind.

L&G opened books on a perpetual non-call 11.25 year RT1 in sterling on Wednesday morning, with the aim of launching a deal in benchmark size.

It said that it was taking advantage of attractive pricing levels in the RT1 market, while preserving its tier two and tier three ...

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