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Phoenix Group has mandated Natixis as Joint Bookrunner for its perpetual Restricted Tier 1 Contingent Convertible notes, totaling $750m, with a $8.75bn orderbook (ie 11x oversubscription ratio) from more than 400 investors.

The deal has been structured in order the issuer to get full capital qualification of the instrument.

Transaction rational:

  • Proceeds of this transaction will form part of the expected £800m in hybrid debt financing of the proposed acquisition of ReAssure Group plc. for a total consideration of £3.2bn funded through £2.0bn of equity and £1.2bn of cash;
  • Phoenix revisited the USD market to diversify funding beyond GBP to take benefit of favorable pricing conditions.

This deal marks the 4th RT1 transaction led by Natixis in less than 2 years as well as the first bond mandate for a UK Insurer, and is a major step in the building of a pan-European Insurance DCM franchise.


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