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

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.