Insurance giant Standard Life said it had taken advantage of favourable markets to issue a substantial amount of debt in Canada.
Standard Life Canada announced its first Canadian dollar debt issuance raising C$400m - around £254m - at a rate of 3.938% for five years.
The firm said the initiative had 'optimised' the financial structure of the group and built on past actions to re-shape its balance sheet.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It helps to re-leverage the Group and, through our ability to access the debt markets in Canada, provides capital at a very attractive cost," the statement said.
"The strong market demand, which was evidenced by a heavily over subscribed order book, has enabled Standard Life Canada to price competitively at the low end of its target range, thereby underlining the attractiveness of Standard Life Canada's credit, the strength of its recent performance and its future strategic direction."
In its first half results, the insurer posted a 30% drop in profits in Canada, which it put down to the timing of business restructuring and low interest rates.
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
