Slaughter and May advised Pension Insurance Corporation plc on its debut issuance of Restricted Tier 1 capital

25 Jul 2019

Slaughter and May advised Pension Insurance Corporation plc on its issuance of GBP 450,000,000 7.375 per cent. Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes (the “Notes”).

The Notes are intended to qualify as Restricted Tier 1 Capital for regulatory capital purposes. The Notes have been admitted to listing by Euronext Dublin and to trading on the Global Exchange Market of Euronext Dublin, and have been assigned a rating of BBB- by Fitch.

HSBC, J.P. Morgan Cazenove and NatWest Markets acted as joint lead managers in respect of the offering.

Contacts

Financing: Guy O’Keefe (partner), Caroline Phillips (partner), Kieran Turton (associate), Joseph Harris (associate); Tax: William Watson (partner), Jamshed Bilimoria (associate); Financial Regulation: Jan Putnis (partner); David Shone (associate)


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