Sterling High Grade Financial: RSA Insurance Group

Issuer: RSA Insurance Group
Issue date: May 12, 2009
Size: €500 million
Ratings: Baa1/BBB+ (Moody’s, S&P)
Maturity: May 20, 2039 (first call-date, May 20, 2019)
Coupon: 9.375% (565bp over UKT)

Bookrunners: BNP Paribas, Deutsche Bank, RBS

The financial crisis revealed that many seemingly well-capitalised institutions were anything but when the market came under extreme stress. As a consequence, subordinated debt, a major constituent of the capital base for financial institutions, has come under the micr