Bupa Finance Joins Risky Debt Revival With Subordinated Deal

Bupa Finance Plc is lining up its first subordinated debt deal since 2021 as it seeks to re-jig its debt profile by buying back notes due in the next couple of years.

The health insurance provider plans to sell British pound-denominated 20-year Tier 2 notes following investor calls starting November 10, according to a person with knowledge of the matter who asked not to be identified. At the same time, it’s offering to buy back two sterling notes due to mature in 2026 and 2027 to “proactively manage” its expected redemption profile, it said in a regulatory filing.

The sale ...