Pan-Asian insurer AIA closed its debut $1 billion dual-tranche bond late Tuesday night, marking the first time it has tapped the bond market in its 93-year history.
AIA is an iconic name, but it only became a standalone entity three years ago when it listed on the Hong Kong Stock Exchange. Its former parent American International Group raised $17.8 billion by selling shares in its Asian life insurance unit to pay back part of the bailout it received from the US government during the financial crisis.
AIA was widely considered to be AIG’s crown jewel and was described by one source as being “squeaky clean”. Since...
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