AXA announced today the successful placement of EUR 1.5 billion of Reg S subordinated notes due 2047 to
institutional investors to refinance, in advance, part of its outstanding debt.
The initial spread over swap is 275 basis points. The initial coupon has been set at 3.375% per annum
corresponding to a reoffer yield of 3.462%. It will be fixed until the first call date in July 2027 and floating thereafter
with a margin including a 100 basis points step-up.
Settlement of the notes is expected to take place on March 30, 2016.
The notes will be treated as capital from a regulatory and rating agencies’ perspective within applicable limits. The
transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.