PIC prices £250m debt issuance to meet buy-in demand
The Pension Insurance Corporation (PIC) has priced £250m of subordinated debt issuance to meet expected bulk annuity demand from defined benefit (DB) schemes.
The debt will have an annual coupon of 8.0%, a maturity of 10 years and it is proposed the bonds will be traded on the London Stock Exchange. PIC chief financial officer Rob Sewell said: "We have had...
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