Axa SA announces placement of 750 million pounds subordinated notes

Thursday, 9 Jan 2014 02:00pm EST 

Axa SA:Announces the placement of 750 million pounds of Reg S subordinated notes due 2054 to institutional investors.Says the initial coupon has been set at 5.625 percent per annum.Says the coupon will be fixed until the first call date in Jan. 2034 and floating thereafter with a step up of 100 basis points.Says the initial spread over Gilt is 215 basis points.Says settlement of the notes is expected to take place on Jan. 16.Says the notes will be treated as capital from a regulatory and rating agencies’ perspective. 

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