AXA announced today the successful placement of USD 1 billion of Reg S subordinated notes due 2047 to institutional investors to refinance, in advance, part of its outstanding debt.

The initial coupon has been set at 5.125% per annum. It will be fixed until the first call date in January 2027 and floating thereafter with a margin including a 100 basis points step-up.

The notes have been swapped into Euro over 10 years at a rate of 2.80%, corresponding to a 209 basis points spread over swap.

Settlement of the notes is expected to take place on January 17, 2017.

The notes will be treated as capital from a regulatory and rating agencies' perspective within applicable limits. The transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.

AXA SA published this content on 11 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 January 2017 23:13:02 UTC.

Original documenthttps://www.axa.com/en/newsroom/press-releases/financial-operation-20170111

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