BBB limits in matching adjustment scrapped in Omnibus II deal

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Proposals to apply strict limits on insurers' holdings of BBB-rated bonds for the matching adjustment have been scrapped in the final version of Omnibus II, it has emerged.

A ceiling on the proportion of BBB-bonds in matching portfolios – a share of 33% – has been removed from the final version of the text, agreed on November 13 but not published until November 25.

A cap on the benefit firms can take from matching assets rated just above non-investment grade was also scrapped. Earlier proposals

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