Global law firm White & Case LLP has advised AXA on its €2 billion issuance of fixed to floating subordinated notes due 2049.

The notes bear an initial interest at a fixed rate of 3.250% per annum, payable annually until the first call date in May 2029 and at a floating rate thereafter, with a margin including a 100 basis points step-up. They have been structured to be eligible as Tier 2 capital under Solvency II. They were issued on March 26, 2018 and are admitted to trading on the Luxembourg Stock Exchange.

The White & Case team in Paris which advised on the transaction was led by partners Séverin Robillard and Grégoire Karila with support from associate Petya Georgieva.