Axa on May 10 priced $750 million in bonds that must be exchanged for shares in U.S. unit Axa Equitable Holdings Inc., which listed shares the same day on the New York Stock Exchange at an IPO price of $20 apiece.

The mandatory exchangeable bonds will be issued May 14 and will carry a fixed-rate annual interest of 7.25%. At maturity May 15, 2021, the bonds will be exchanged into a minimum of 31,914,894 shares in Axa Equitable Holdings if the unit's share price is at least $23.50 per share, and a maximum of 37.5 million shares if the share price at the time drops below the IPO price.

Axa may choose to exchange the bonds into shares in Axa Equitable Holdings earlier than maturity.

Underwriters have a 30-day underwriting option to purchase additional mandatory exchangeable bonds for up to $112.5 million.