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Orders for French life assurer La Mondiale’s dollar perpetual non-call six year bond had reached $3bn by mid-morning in London on Tuesday, helped by a strong start in Asia.
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La Mondiale released terms on a dollar perpetual non-call six subordinated transaction on Monday morning, but did not set any price guidance as it continued to seek feedback from investors. The French insurer is also planning an exchange offer for euro bondholders into a new 2044 note.
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Scottish Widows pulled in £7bn of orders for its £1.5bn tier two transaction this week, its first offering under its own name since 2005. The public return enabled the insurer’s owner, Lloyds Banking Group, to cancel £1.2bn of internal funding, but bankers away from the deal thought it came cheaply.
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Barclays has hit the reduced $850m cap early on its tender offer for two US dollar securities, which the bank launched along with its $1bn contingent capital trade last week.
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Scottish Widows’ £1.5bn tier two transaction has booked a capital gain for Lloyds Banking Group, as the deal has cancelled some £1.2bn of internal funding between the insurer and its parent. BUPA Finance is set to follow the well-received deal, after it mandated banks for a capital roadshow next week.