AXA announced the successful placement of Euro 1.25 billion dated subordinated notes due 2042

AXA announced today the successful placement of Euro 1.25 billion of Reg S subordinated notes due 2042 to institutional investors, to be used for general corporate purposes including the refinancing of part of its outstanding debt* .

The initial fixed coupon has been set at 1.875% per annum until the end of the 6-month call window period (July 2032), when it will become a floating coupon based on 3-month EURIBOR plus a margin incl uding a 100 basis points step up. Investor demand was strong with a book subscribed more than 2 times.

The notes will be treated as capital from a regulatory and rating agencies’ perspective within applicable limits. The transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.

The notes are expected to be rated BBB+/Stable by Standard & Poor’s, A3(hyb)/Stable by Moody’s and BBB/Positive by Fitch. Settlement of the notesis expected to take place on January 10, 2022.

* Includes the USD 850 million 5.5% undated subordinated notes to be redeemed on January 22nd, 2022, followingthe notice of early redemption published on January 4th , 2022.