Challenger prints A$400 million 15NC5 subordinated deal

Thursday, 08 September 2022

Updated

Issuer name: Challenger Life Company
Issuer rating: A (S&P)
Expected issue rating: BBB
Pricing date: 8 September 2022
Settlement date: 16 September 2022
Maturity date: 16 September 2037
Optional redemption date: 16 September 2027
Arranger: Barrenjoey
Lead managers: Barrenjoey, Jarden Securities, National Australia Bank, Westpac Institutional Bank

Transaction type: unsecured subordinated notes
Volume: A$400 million (US$270.1 million)
Total outstanding in the line: A$400 million
Coupon type: fixed-to-FRN
Coupon rate: 7.186%
Issue/re-offer price: par
Issue yield: 7.186%
Margin: 355bp/s-q swap