Aegon priced its debut Restricted Tier 1 transaction at 5.625%, vindicating its decision to withhold raising the debt last October to ensure it met its price target. The Dutch insurer originally announced the euro perpetual NC10.5, rated Baa3/BBB-/BB+, in October, the first step in refinancing its €2.9bn chunk of grandfathered Tier 1 securities. The deal, however, failed to materialise following the roadshow, as the issuance backdrop started to sour.
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