RSA tweaks bond structure


UK insurer Royal & Sun Alliance has asked bondholders to alter the structures of two outstanding bond issues worth €500 million, in order to ensure that the debt will continue to be counted as regulatory capital after tougher EU and UK funding rules are introduced next year.

The bonds in question are the €200 million 6.875% subordinated 20-year bonds due 2019, and the €300 million floating-rate bonds also due 2019. The move looks like good news for bondholders, who will receive a one-off fee

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