Complex operation leaves insurer in rude health

摘要

HSBC financial institutions group's capital-raising transaction for health insurer Bupa was complicated - but that did not faze the team in its efforts to coax bondholders out of old stock and into the new, Three years ago, for anyone talking debt origination in the European and Asian financial sector, HSBC would not have been the first name to spring to mind. Since then, however, a succession of eye-catching, capital-raising deals for banks and insurance companies has earned the bank some attention. The recent ￡330m upper Tier 2 capital transaction for UK health insurer Bupa - jointly lead-managed with ABN AMRO - is an intriguing example of what HSBG's financial institutions group (FIG) can do.