Calyon acted as joint bookrunner on a EUR 1 billion long 5-year senior bond issue for AXA. The issuer decided to take advantage of the equity rally combined with a buoyant Fixed Income Primary market to launch its first senior unsecured benchmark since 2001. This transaction relies on a solid execution and good distribution with a demand up to EUR 4 billion, gathering more than 300 investors and composed of a balanced geographic mix. 1/3 of the deal was distributed to domestic accounts and circa 75% sold to banks and asset managers. Only 3 core banks, Calyon, BNPP and HSBC, were selected for conducting this transaction.

A long lasting and consistent marketing of the client, as well as a good understanding of market windows of opportunity turned this offering into a great success. An excellent team work has been done after regular marketing and swift execution. This transaction is a landmark within the insurance sector.

AXA is a global leader in financial protection and its operations are concentrated in Europe, Asia Pacific and North America. The Group benefits from a long experience in the insurance field and has developed its leadership ambition worldwide.