White & Case Advises AXA on US$1 Billion Fixed to Floating Subordinated Notes Issue | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises AXA on US$1 Billion Fixed to Floating Subordinated Notes Issue

White & Case Advises AXA on US$1 Billion Fixed to Floating Subordinated Notes Issue

Global law firm White & Case LLP has advised AXA on its issuance of dated fixed to floating subordinated notes due 2047 for a total amount of US$1 billion.

The notes bear an initial interest at a fixed rate of 5.125 percent per annum, payable semi-annually until the first call date in January 2027 and at a floating rate thereafter, with a margin including a 100 basis points step-up.

The notes, which have been structured to be eligible as Tier 2 capital under Solvency II, will be subordinated to all senior obligations of AXA. They were issued on January 17, 2017 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 associates Petya Georgieva and Déborah Ngo Yogo II.

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