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Phoenix Deleveraging Update: Sensible, Shouldn't Be Spread Mover

FINANCIALS

Phoenix Group (PHNXLN: BBB+) news out on its deleveraging programme. Sensible but not unexpected, shouldn’t be a spread impact.


  • Company announcing completion of the initial phase of the programme including the recent repayment of its GBP250m Tier 2 ‘29s along with tender-and-reissue of its USD RT1, now with a coupon of 8.5%. Total debt is therefore GBP250m lower but debt interest costs are roughly static (the now-tendered RT1 had a step to over 8% coupon coming in Jan-25).
  • The overall programme aims to reduce debt by GBP500m and hit a Solvency II leverage ratio of 30% by end-2026.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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