252 GMT Investors with high risk appetite should sell Groupama's 6.375% call-2024 subordinated bond and buy Delta Lloyd's 4.375% call-2024 issue, says BNP Paribas. The bank warns this is a risky proposition, given uncertainties on both sides. The risks for Delta Lloyd include the possibility of a failed rights issue, which is unlikely, and a large 2015 loss, a more likely scenario. Meanwhile, Groupama's Solvency II capitalization is a mystery for now, but BNPP judges it's weak. Delta Lloyd has access to the equity markets, contrary to Groupama, while entry levels are also looking attractive. (
French insurer AXA (AXAHY) said that its Solvency II ratio stood at 212% at the end of the third quarter of 2015. With additional certainty on Solvency II ratio, the company has defined a clear capital management framework with 170%-230% as central target range of Solvency II ratio. It increased its dividend payout ratio range to 45#$%$ of adjusted earnings from 40%-50% previously.
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Date at which the threshold is crossed or reached:
Total amount of voting rights: 6.35%