Capital markets week ahead: AXA Equitable, Nagacorp, Springer Nature

摘要

EXCESS DEMAND AXA lists its US life and asset management arm AXA Equitable on Wednesday. At US$3.7bn, the base IPO will be the biggest in the US since Alibaba almost four years ago. Alongside the share sale, a further US$750m of three-year bonds mandatorily exchangeable into AXA Equitable shares are also on offer, which - if the greenshoe is also exercised on the IPO -could bring total proceeds to US$5bn. The French insurer is spinning off the business as it seeks to free up capital to pursue acquisitions elsewhere. Proceeds from the US IPO have already been earmarked to help fund its purchase of Bermuda rival XL, in a US$15bn deal that was announced last month. It has also restructured its Swiss business to give it additional flexibility should the IPO or other funding sources flounder.