La Mondiale sells rare euro T3

By Frank Jackman
13 Oct 2020

La Mondiale printed a rare tier three deal on Tuesday to diversify its capital structure, using the strong demand for the unusual product to print around 25bp through fair value.

The French insurer did not previously have any tier three debt outstanding. It chose to issue paper in the format to diversify its capital structure while also benefiting from attractive market conditions.

To derive the pricing, the leads looked at existing tier three and tier two issues from ...

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