Admiral agrees 5.5% interest rate for bond issue

The £200m bond issue announced by Admiral earlier this month has been priced at an interest rate of 5.5%.

The bonds are expected to be issued on 25 July and will come due in July 2024.

Chief executive Henry Engelhardt said: “I’m delighted at the successful investor uptake of our inaugural bond offering and pleased to welcome debt investors to Admiral.”

Bank of America Merrill Lynch acted as sole structuring advisor and sole bookrunner for the issue.