Paris Clifford Chance has advised leading banks (HSBC and Natixis) upon issuance by MACIF 250 million of subordinated notes due in 2023 bonds.

The bonds traded on the regulated market of the Luxembourg Stock Exchange March 8, 2013, are intended to be admitted under the solvency margin under the current rules of the Insurance Code and constitute own funds eligible tier 2 Solvency II in accordance with the transition mechanisms as currently defined.

The Clifford Chance team was composed of Cédric Burford (Associate) of Auriane Bijon and Antoine Galvier in capital markets and Sonia Lods (Counsel), in regulation of insurance.