France’s CA Assurances Sells Its First AT1-Like Bond (2)

Credit Agricole Assurances SA raised €750 million ($819 million) from a debut sale of Restricted Tier 1 notes, with investors bidding for more than three times the debt on offer.

Restricted Tier 1, which is the insurance market’s equivalent of Additional Tier 1 bonds sold by banks, typically carry a chunkier yield given their risky nature. Still, the more than €2.4 billion of investor bids allowed the issuer to set the notes’ final coupon at 6.25% and inside an initial 6.5% area range, according to a person familiar with the matter, who asked not to be identified because they’re not ...