Aviva Singlife obtains investor demand with $3.5b Tier 2 notes

This follows the pricing of Tier 2 notes at 3.375%.

Aviva Singlife has received an outstanding investor demand with $3.5 billion (6.3x) in Tier 2 notes orders for the first bridge-to-bond transaction in SGD, a statement read.

This follows after the insurer priced $550m Reg S Only 10.25NC5.25 Tier 2 notes at 3.375% to outstanding investor demand, with the final order book exceeding $3.5b, a cover of more than 6.3x.

The final price guidance (FPG) was lowered by 37.5bps from initial price guidance (IPG) of 3.75% to 3.375% whilst retaining almost all of the entity’s book.

The deal was announced after two days of roadshow meetings, which were attended by 55 accounts across Asian and European investors, eventuating in a final order book in excess of $3.5b across 143 accounts.