Recently merged asset manager Standard Life Aberdeen saw its shares slip today as it proposed a subordinated debt offering.
The firm said it would use the new capital for “general corporate purposes”, including refinancing existing debt, as part of its “active capital management strategy”. Its shares ended the day down 2.12 per cent.
Moody’s assigned a Baa1 rating to the proposed bonds, which will be US-denominated, giving them a moderate credit risk. It said this was its standard practice for asset management companies.
Yesterday’s debt issuance, which the firm will be giving more details on as it tours roadshows across London, Singapore and Hong Kong, was the first since the two groups combined.
Earlier this week, the firm’s chairman Gerry Grimstone gave his backing to the controversial UK listing of oil giant Saudi Aramco.