Old Mutual raises R2bn as part of its multi-issuer note programme
Due to the programme, the insurer has secured listed-debt financing at favourable rates despite the difficult prevailing market conditions
17 November 2020 - 11:38
Insurer Old Mutual, which has recently been beset by weak new business volumes and hefty business interruption claims as a result of the Covid-19 pandemic, says its successful raising of R2bn through a bond issuance is a sign of the underlying value of its business.
The group initially intended to raise R1.5bn in its bond issuance last week, but increased this to R2bn, after a “hugely positive response”, the group said in a statement...
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