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04/26/2010 / FRANCE / DEBT & CREDIT MARKETS
Crédit Agricole CIB shares in the success of a subordinated debt issue for Axa
On April 14, 2010, Crédit Agricole CIB acted as associate bookrunner along with five other banks in a subordinated debt issue for Axa.
The EUR 1.3 billion, 30-year subordinated debt issue, is rated BBB+ by Standard & Poor’s. It was structured to meet the Tier 2 capital eligibility requirements under the updated Solvency II regulations for insurance firms.
Placement of the 5.25% fixed-coupon issue was a resounding success, as investors oversubscribed it by a ratio of more than six to one.
It is designed to refinance existing debt securities that Axa plans to redeem early during the next 12 months.
Crédit Agricole CIB successfully guided the first subordinated debt issue of 2010, confirming its leadership position in senior and subordinated euro debt issuance in the insurance sector.
“This deal also confirms our intention to maintain a close relationship with AXA group, helping it to make the right strategic choices to adapt to regulatory changes in the sector,” commented Senior Banker Olivier Aubertin.