Bupa raises £300M in subordinated notes to shore up capital
What's the deal? BupaDealroom has a profile for this one. Try Dealroom → has issued £300 million in 6.875% Fixed Rate Subordinated Notes due 2038, with law firm Slaughter and MayDealroom has a profile for this one. Try Dealroom → advising on the deal. The notes count towards the health insurer's Tier 2 capital and were admitted to trading on the London Stock Exchange's International Securities MarketDealroom has a profile for this one. Try Dealroom → on September 29, 2026.
What's the endgame? Bupa will use the net proceeds for general corporate purposes, including refinancing its existing securities. The issuance was made under an agreement with the Prudential Regulation Authority to disapply certain provisions of the regulator's rulebook under section 138A of the Financial Services and Markets Act 2000.
Why now? Tier 2 capital strengthens an insurer's regulatory buffer, and the refinancing of existing securities points to a routine but timely balance-sheet refresh. The Slaughter and May team worked closely with Bupa's Group Treasury and in-house legal teams.
The signal: At £300 million, the raise sits near the midpoint for deals of its kind — a solid, workmanlike capital exercise rather than a landmark one. It reflects how large health insurers routinely tap debt markets to manage capital and maturities rather than to fund expansion.
Read more: slaughterandmay.com
Image credit: bupapress
