Pension funds welcome a new bond indexed to life expectancy which should cut the cost of matching a growing risk.
Deal: European Investment Bank’s longevity bond
Size: £540 million
Structurer/manager: BNP Paribas
Date announced: November 8 2004 Asked what he thought about old age, Maurice Chevalier replied that he preferred it to the alternative. So do the rest of us. The EU expects the number of people aged 80 and over in its 15 pre-accession members to increase by nearly 50% in the next 15 years.
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