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SpotLight: Restricted Tier 1 Capital – A new chapter in the Insurer financing is being opened

Due to the expiry of the grandfathering period of old Tier 1 bonds in December 2025, we expect a higher number of new RT1 issues in the current and next year. In the second week of the year, Axa already issued an EUR1.5bn RT1 bond with a coupon of 6.375%. NN and Gjensidige followed with further rT1 issues, so … (Link)

Rötger Franz, Portfolio Manager, Senior Credit Analyst

Plenum Investments Ltd.

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