Liberty Mutual opens new funding route for fixed-for-life product

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By Tyler Davies
29 Jan 2021

Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.

The US insurance company sold $800m of 40 year non-call five notes through joint bookrunners Bank of America and HSBC on Wednesday.   

It priced its deal with a final coupon of 4.3%, which will be fixed for the entire life of the security, rather than being ...

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