Simmons & Simmons has advised Barclays, Bank of America Merrill Lynch and HSBC as joint lead managers on a £350m new issue of Solvency II-compliant Tier 2 Notes by RL Finance No. 3 plc, which are guaranteed on a subordinated basis by The Royal London Mutual Insurance Society Limited, the UK’s largest mutual life, pensions and investment company.

Commenting on the transaction, partner Piers Summerfield, said: "We are delighted to have advised the joint lead managers on Royal London’s very successful subordinated note issuance. This transaction has really played to the strengths of our debt capital markets practice, including our regulatory capital expertise."

The Simmons & Simmons team was led by capital markets partner Piers Summerfield, managing associate Tony Geffin and associate Alex O’Brien. UK tax advice was provided by partner Mark Sheiham and managing associate Mark Watterson.