Business
Tier 2 Roadshow
Tier 2 Roadshow.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 7904I Phoenix Group Holdings 21 June 2017 \n\nPhoenix Group Holdings £428,113,000 6.625 per cent. Subordinated Notes due 2025 and £450,000,000 4.125 per cent. Tier 3 Notes due 2022\nThe following information is relevant to holders of Phoenix Group Holdings (\"PGH\") subordinated debt, currently comprising its £428,113,000 6.625 per cent. Subordinated Notes due 2025 and £450,000,000 4.125 per cent. Tier 3 Notes due 2022 (together, the \"Outstanding Subordinated Notes\").\nCapitalised terms used in this announcement but not defined herein shall have the meanings ascribed to them in the relevant terms and conditions of the Outstanding Subordinated Notes.\nTier 2 roadshow\nPGH has mandated Citigroup Global Markets Limited, HSBC Bank plc, J.P. Morgan Securities plc and Merrill Lynch International to arrange a series of credit investor meetings in Asia and Europe commencing 23 June 2017. A U.S. dollar denominated 10 year Tier 2 transaction will follow, subject to market conditions.\nExpiry of the \"other methods\" waiver granted to PGH\nThe United Kingdom Prudential Regulation Authority (the \"PRA\") granted the Phoenix group an \"other methods\" waiver which allowed for an amendment to the standard methodology for Solvency II group supervision for the period from 1 January 2016 to 30 June 2017. \nThe \"other methods\" waiver will expire on 30 June 2017 and PGH has not made, and is not intending to make, an application to the PRA to extend the waiver. From 1 July 2017, regulatory supervision and the Solvency II capital assessment will be performed at the Phoenix Life Holdings Limited (\"PLHL\") and PGH levels.\nIn addition, the expiry of the waiver will result in the new group Solvency Capital Requirement of PGH on a consolidated basis being taken into account for the purposes of the relevant definitions of \"Regulatory Deficiency Interest Deferral Event\" and \"Regulatory Deficiency Redemption Deferral Event\" for the purposes of the terms and conditions of the Outstanding Subordinated Notes, in addition to that at PLHL level.\nConsequences of potential change in head office of PGH\nFollowing recent discussions with the PRA, PGH understands that upon a future change of PGH's head office from Jersey to the United Kingdom, it would expect the PRA to treat PGH, and not PLHL, as the ultimate EEA insurance holding ...