In May, Royal London, the UK life insurance, pensions, and investment mutual with two million members, 8.7 million policies and £147 billion of assets under management, launched a £350 million, perpetual non-call 10.5 years, restricted tier-1 (RT1) capital issue.
It is the first tier-1 capital issue in Europe since the controversial write-down of Credit Suisse additional tier-1s that briefly saw that whole market trade down to an average price of 83 cents on the euro in March, with some banks’ AT1s trading in the 60s.
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