White & Case Advises AXA on €2 Billion Fixed to Floating Subordinated Notes Issue
Global law firm White & Case LLP has advised AXA on its €2 billion issuance of fixed to floating subordinated notes due 2049.
The notes bear an initial interest at a fixed rate of 3.250% per annum, payable annually until the first call date in May 2029 and at a floating rate thereafter, with a margin including a 100 basis points step-up. They have been structured to be eligible as Tier 2 capital under Solvency II. They were issued on March 26, 2018 and are admitted to trading on the Luxembourg Stock Exchange.
The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Grégoire Karila with support from associate Petya Georgieva.
For more information please speak to your local media contact.