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AXA: places E1.25bn of LT subordinated notes

( - AXA today announced that it has successfully placed a 1.
25 billion euro subordinated Reg S notes due in 2043 with institutional investors, particularly to refinance part of the insurance group's outstanding debt.

The initial fixed rate has been set at 4.25% per annum until the end of the six-month early redemption period (March 2033), after which the interest rate becomes variable based on 3-month EURIBOR with a margin including an interest premium of 100 bp.

There was strong demand from investors for the issue: it was oversubscribed to almost twice. The notes will be treated as capital from a regulatory and rating agencies' perspective, with settlement expected to take place on 31 May.

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