Insurance duo signals market ‘back in shape’ with T2 bonds
CNP Assurances and Helvetia Europe have added to issuance momentum in the insurance sector, giving investors the chance to put money into subordinated capital. The tier two bonds showed that ‘the market is back in shape’, said one deal arranger.
CNP Assurances was marketing a 31 year non-call 11 bond and Helvetia Europe was selling a 21.25 year non-call 11.25, each in tier two format.
The French insurance company launched €750m of new debt at a spread of 265bp over mid-swaps, supported by over €1.5bn of demand.CNP ...