Debevoise & Plimpton LLP has advised AIA Group Limited (“AIA”) in its $1.25 billion offering of subordinated securities, consisting of $500 million of 4.950% subordinated dated securities due 2035 and $750 million of 5.400% subordinated dated securities due 2054. The offering was conducted under AIA’s $16 billion Global Medium Term Note and Securities Programme. The securities are expected to qualify as “Tier 2” group capital under the Hong Kong Insurance (Group Capital) Rules.

The securities were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and outside of the United States to non-US persons in accordance with Regulation S under the Securities Act of 1933.

Debevoise has advised AIA in offerings of notes and securities pursuant to its Global Medium Term Note and Securities Programme since its establishment in 2013.

The Debevoise team advising AIA was led by partner Nicholas Pellicani, and included international counsel Wen-Wei Lai, associate Monisha D’Souza, and international associate Michelle Qi. Tax advice was provided by partner Cécile Beurrier and associate Sabrina Hsieh.