Axa, the French insurance company and asset manager, announced at the start of August that it had signed a euro-denominated private placement financing for Sonepar, an independent family-owned French company with a global market leadership in business-to-business distribution of electrical products and related solutions. It is the first French company to benefit from what Axa calls a new type of disintermediated financing.
Axa has large volumes of assets under management invested in government bonds, bank bonds and bonds of large-cap investment-grade corporates: the traditional asset classes for fixed-income investors that once promised high liquidity, moderate risk and reasonable yields.
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