Company updates
Last week AXA SA released its 1H15 results. In a word ‘boring’ (remembering boring is good for debt investors)
Company factsheets
AXA is one of the world’s largest and most well known insurance names. The AXA SA USD 6.379% Tier 1 perpetual security with a first call date of 14 December 2036 suits investors looking for “old style”/pre GFC Tier 1 security paying a relatively high fixed rate of return in USD
Company factsheets
Suits investors looking for “old style” subordinated debt with no call risk
Company updates
We remain comfortable with the AXA credit but highlight that AXA is one of the largest financial entities in Europe and as such will be impacted should there be a significant decline in the health European (and/or French) economy