Slaughter and May advised Bupa on its £300mn Tier 2 Debt Issuance

Slaughter and May advised Bupa Finance plc (“Bupa”) on its issuance of £300mn 6.875% Fixed Rate Subordinated Notes due 2038 (the “Notes”).

The Notes will count towards Bupa’s Tier 2 capital and were issued pursuant to an agreement with the PRA to disapply certain provisions of the PRA rulebook pursuant to section 138A of the Financial Services and Markets Act 2000.

The Notes were admitted to trading on the London Stock Exchange’s International Securities Market on 29 September 2026. The net proceeds of the Notes will be used by Bupa for its general corporate purposes, including the refinancing of Bupa’s existing securities.

The Slaughter and May team worked closely with Bupa’s Group Treasury and in-house legal teams.