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Asahi Mutual Life issues perpetual subordinated bonds

Japan-based Asahi Mutual Life Insurance Co. issued on Sept. 5 US$430 million of step-up callable perpetual subordinated bonds with interest deferral options.

The bonds will carry interest at a fixed rate of 6.500% per year until September 2023 and will have a fixed-rate reset with step-up after that date. The reset will occur every five years.

The bonds are callable on each interest payment date on or after September 2023 and will be listed on the Singapore Exchange Securities Trading Ltd.