Credit Agricole Securities Announces Placement of $300 Million of Asset-Backed Notes for an Affiliate of Reinsurance Group of...
December 16 2014 - 12:50PM
Business Wire
Credit Agricole Securities (USA) Inc. today announced the
placement of US$ 300 million of asset-backed notes issued by
Chesterfield Financial Holdings LLC, marking the first
securitization of U.S. life insurance embedded value since the
financial crisis. The transaction covers a closed block of policies
assumed by RGA Reinsurance Company (“RGA Re”), a wholly owned
indirect subsidiary of Reinsurance Group of America, Incorporated
(“RGA Inc.”), between 2006 and 2010.
Credit Agricole Securities, a subsidiary of Credit Agricole
Corporate and Investment Bank, was the structuring lead and sole
book runner on the transaction, which includes a single tranche
rated A- (sf) by Standard and Poor’s. The notes have an average
life of 4.7 years and a coupon rate of 4.50%.
Principal repayment on the notes is linked to the emergence of
future profits on a closed block of yearly renewable term (“YRT”)
reinsurance business, consisting of approximately 600 reinsurance
treaties underwritten by RGA Re from over 100 separate
life-insurance groups.
Independent third-party analysis of the cash flows under various
scenarios for the notes was provided by Towers Watson.
”We were delighted to advise RGA on this transaction which
demonstrates our structuring and placement capabilities in the
insurance sector,” said Vincent Fleury, Global Securitization Head,
Credit Agricole CIB.
The Chesterfield Financial Holdings LLC notes have not been and
will not be registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the U.S. absent
registration or an applicable exemption from registration
requirements. The notes were sold, and may be reoffered and resold
(A) in the United States, only to investors who are “Qualified
Institutional Buyers” (as defined in Rule 144A under the
Securities Act (“Rule 144A”) and (B) in “Offshore
Transactions” to persons other than “U.S. Persons” (each as defined
in Regulation S under the Securities Act).
About Crédit Agricole Corporate and Investment Bank (Crédit
Agricole CIB)
Crédit Agricole CIB is the Corporate and Investment Banking arm
of the Crédit Agricole Group, the world’s No. 8 largest bank by
total assets (The Banker, July 2014). The Bank offers its clients a
comprehensive range of products and services structured around five
major divisions:
- Client Coverage & International
Network
- Global Investment Banking
- Structured Finance
- Global Markets
- Debt Optimization &
Distribution
The Bank provides support to clients in large international
markets through its network with a presence in major countries in
Europe, America, Asia Pacific and the Middle East.
Credit Agricole Securities (USA) Inc., a subsidiary of Credit
Agricole CIB, is a global full-service broker-dealer and a member
of NYSE and NASD.
For more information, please visit its website at
www.ca-cib.com
About RGA Inc.
Reinsurance Group of America, Incorporated (NYSE: RGA), one of
the largest global life reinsurance companies in the world,
provides clients with individual life reinsurance, individual
living benefits reinsurance, group reinsurance, health reinsurance,
financial solutions, facultative underwriting and product
development. The company serves clients from operations in
Australia, Barbados, Bermuda, Canada, China, France, Germany, Hong
Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, the
Netherlands, New Zealand, Poland, Singapore, South Africa, South
Korea, Spain, Taiwan, Turkey, the United Arab Emirates, the United
Kingdom, and the United States. Worldwide, RGA has approximately
$2.9 trillion of life reinsurance in force and assets of $42.9
billion.
www.ca-cib.com
For media inquiries, please contact:Crédit Agricole CIB
AmericasMs. Mary GuzmanTel: +1 212
261-7129mary.guzman@ca-cib.comorAnreder & CompanySteven S.
AnrederMichael WichmanTel:
+1-212-532-3232steven.anreder@anreder.comMichael.wichman@anreder.com
Arcosa (NYSE:ACA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arcosa (NYSE:ACA)
Historical Stock Chart
From Apr 2023 to Apr 2024