AXA issues 5.375% Tier 2 subordinated bonds to refinance its debt
The insurer announced yesterday that it had completed this bond issue with institutional investors, as part of the group's financing plan.
The proceeds will be allocated to AXA's general corporate purposes, including the refinancing of part of its existing debt, with settlement scheduled for 6 November 2026.
A fixed coupon of 5.375% until the first early redemption date
The bonds, issued in Reg S format, carry an initial fixed rate of 5.375% per year until 25 May 2037. This date corresponds to the first early redemption date provided for in the issue.
Thereafter, the interest rate will become floating: it will be equal to 3-month EURIBOR plus a margin of 295 basis points.
Securities booked as own funds under Solvency II
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According to AXA, the bonds meet the eligibility criteria for Tier 2 basic own funds under Solvency II. They are eligible as capital from both a regulatory standpoint and with credit rating agencies, within applicable limits.
The group indicates an expected rating of A from S&P Global Ratings and A1(hyb) from Moody's for these securities.
« La diversification de notre modèle d'activité et la prudence de notre provisionnement nous donnent confiance dans notre capacité à atteindre en 2026 une croissance du résultat opérationnel par action à l'extrémité supérieure de la fourchette cible de notre plan, malgré un niveau élevé de catastrophes naturelles au troisième trimestre en Europe. » ; « Pour 2026, AXA réaffirme son objectif d'un ré
Outlook / guidance
Expected net income: 8 600 millions d'euros
Management commentary: For 2026, the Group reaffirms that it expects underlying earnings of circa Euro 8.6 billion with underlying EPS growth at the top end of the plan target range of 6-8% and underlying return on equity at the top end of the plan target range of 14-16%
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
