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Disclaimer - Financial operations - January 9, 2014
AXA announced today the successful placement of GBP 750 million of Reg S subordinated notes due 2054 to institutional investors. The initial coupon has been set at 5.625% per annum. It will be fixed until the first call date in January 2034 and floating thereafter with a step up of 100 basis points. The initial spread over Gilt is 215 basis points.
Settlement of the notes is expected to take place on January 16, 2014.
The notes will be treated as capital from a regulatory and rating agencies' perspective within applicable limits. The transaction has been structured to comply with the expected eligibility criteria for Tier 2 capital treatment under Solvency II.
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