Fitch rates Asahi Life bonds BBB-

Fitch Ratings said it assigned Asahi Mutual Life Insurance Co.’s planned dollar-denominated step-up callable cumulative perpetual subordinated bonds with interest-deferral options an expected BBB- rating. The amount and the coupon have yet to be decided, although the issuance will be around $380 million.

“The issuance, which ranks pari passu with Asahi Life’s outstanding Fitch-rated U.S. dollar subordinated bonds, is rated at the same level as the outstanding bonds,” the agency said in a press release.

The proceeds will be used for general corporate purposes, and/or toward the repayment of its 2017 perpetual bonds

The issue is callable after 10 years, at which point there would be a 100 basis point coupon step-up feature.

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