FRENCH insurance company AXA-UAP has mandated Merrill Lynch as global co-ordinator to lead a multi-currency subordinated step-up perpetual bond -- a debut in the international bond markets by the French insurance group. The bond will be non-callable for 10 years. If the call option is not exercised then the coupon will step up by 150bp. Standard & Poor's has provisionally awarded the deal an A- rating.
October 31, 1997