Sub investors gobble up Axa double-header

18 Jan 2013

Two outings in three days this week helped Axa tackle its upcoming sub debt maturities, as the French insurance group took $850m from the Reg S market over Monday and Tuesday, before returning on Thursday with a €1bn 30 year non-call 10 trade.

Market participants said Axa was right to split its trades across two markets, adding that both deals were priced at aggressive levels.

"Axa has a wide appeal, and everyone has a line for them," said one head of FIG DCM. "They have sub debt coming due, so the timing ...

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