In September, Aviva and Singlife have announced that they are merging into one company. For funding the purchase consideration of acquisition and capital adequacy purposes, they have issued a new bond today. This should attract strong interest. Below are the technical details of the bond. The Issuer The bond issuer, ASH, is the holding company of Aviva Ltd. and Singapore Life Pte. Ltd. post the merger of the two entities. As of 30 June 2020, total assets and shareholders’ equity of Aviva Ltd. registered SGD11.5 billion and SGD663 million, respectively. On the other hand, the total assets and shareholders’ equity of Singapore Life Pte. Ltd. were $521 million and $114 million, respectively. ASH is 34.6% owned by TPG, 24.9% by Aviva UK, 14.9% by Sumitomo Life, and 25.6% by existing shareholders of Singlife. The Bond Aviva Singlife Holdings Pte. Ltd. (ASH) bond is a callable subordinated note at an...