Aviva prepares tier two bonds for Sonia switch

By Tyler Davies
14 Apr 2021

Aviva has asked investors to agree to a change in the terms of three of its tier two bonds, to try and make sure they revert to spreads over Sonia rather than Libor if they live on past their first call dates.

The UK insurer has this week invited holders of its £400m 4.375% September 2049 non-call 2029s, its £400m 5.125% June 2050 non-call 2030s and its £600m 6.875% May 2058 non-call 2038s to engage in a consent solicitation process.

It wants them to agree to switch the back-end ...

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