Bupa Successfully Raises 500 Million Euros

In this iPMI Global Insights article, International Health Insurance 2023 report author, Ian Youngman, takes a look at the Bupa 7 year Euro bond. According to Youngman, the massive interest from French and German investors in a UK insurer is a huge boost of confidence.

  • Bupa has successfully launched a 7 year Euro bond.
  • Bupa Finance plc has raised EUR 500 million.
  • Bupa has successfully launched and priced EUR 500 million 5.00 per cent fixed rate notes due 12 October 2030 (the Senior Notes) to be issued by its subsidiary, Bupa Finance plc.
  • Bupa guarantees the Senior Notes.
  • A Eurobond is a fixed-income debt instrument that allows entities to raise funds in a foreign currency via a long-term bond ranging from 5 to 30 years.
  • The word euro stands for the currency in which the bond is denominated and not euro currency in particular.
  • A senior bond is debt that takes priority over other unsecured or otherwise more junior debt owed by the issuer.
  • A senior bond has a higher priority than another bond's claim to the same class of assets in case of a default or bankruptcy.
  • The Senior Notes have a maturity date of 12 October 2030.
  • The Senior Notes are unconditionally and irrevocably guaranteed by The British United Provident Association Limited.
  • Interest on the Notes is payable in equal instalments annually in arrear on 12 October.
  • The first payment of interest will be made on 12 October 2024.
  • Unless previously redeemed or purchased and cancelled, the Notes will be redeemed on 12 October 2030.
  • The Notes will constitute unsecured obligations.
  • Unsecured senior debt is not backed by collateral.
  • The insurance company had until now favoured sterling – its domestic currency – and has a combined £1.65bn of senior, Tier 2 and RT1 bonds outstanding, according to IFR data. Bupa has a £ 300 million fixed rate note maturing in April 2024.
  • So, euro was the next natural step in terms of diversification.
  • The seven-year bond extends their maturity profile from the senior 2027 they've got.
  • The lead managers were Barclays, BBVA, BNP Paribas, HSBC and Santander.
  • Fitch Ratings has assigned Bupa Finance Plc's proposed euro-denominated senior unsecured notes a 'BBB+' rating.


  • OK- it sounds an esoteric finance story that only financial nerds would get or be interested in.
  • In reality the massive interest from French and German investors in a UK insurer is a huge boost of confidence.
  • That the road show happened after the announcement of the deal in India – showing Bupa’s global ambition- is not a coincidence.
  • The success and growth of the Spanish arm needs more Euro finance.
  • As an insurer, slightly longer-dated works for them and seven-year works quite nicely in terms of maturity on the euro side as well.

What Next?

  • Proceeds have been earmarked for general corporate purposes, including the refinancing of debt such as Bupa's £300m April 2024 senior bond.
  • There are many things Bupa can spend the money on including expansion in Spain, India and South America.

The latest information, facts and figures on iPMI: International Health Insurance 2023 Report

  • International Private Medical Insurance (IPMI) is a key global health insurance product for many insurance companies, brokers and MGAs.
  • It is a dynamic market that is seeing major new partnerships, selling and buying of insurers or business books, technological changes and much more.
  • New compulsory health insurance and universal health insurance affects demand in a positive as well as negative way.
  • Brokers and insurers expect strong growth in 2023 and future years.
  • Employers are shifting from traditional expat models to decentralised models that incorporate more virtual assignments and in-market hiring. 
  • There are more short-term and flexible assignments but the number of long-term assignments is at pre-2020 levels.
  • IPMI has new markets of HNW, digital nomads, temporary foreign workers, cross-border workers, local employees, contract workers plus international students.
  • The publisher has been researching and studying the IPMI market for 30 years.
  • His market reports are based on a daily updated database of 177 countries-83 insurance companies-47 insurance brokers, agents and MGAs/MGUs.
  • The main IPMI is report is 300 pages and as well as the latest information this edition studies the many insurer-insurer IPMI partnerships that are changing the global market.

To purchase this report, or any others, simply write to ipmi[at]

View the report contents breakdown, click here.

The 2023 edition includes:

  • 300 page main report.
  • 177 country profiles
  • 83 insurance companies 
  • 47 insurance brokers, agents, MGAs and others.

The report is for:

  • Management consultants
  • Insurance brokers and agents
  • Insurance companies
  • MGAs and MGUs
  • Professionals working in global healthcare markets
  • Hospital and clinic groups operating internationally
  • Travel agents
  • Banks and other financial institutions
  • Investors and private equity
  • National and local government policymakers
  • Lawyers
  • Policy advisors
  • Think tanks
  • Assistance companies
  • Cost containment and claims management companies
  • Insurance technology companies 
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Why buy this report? 

  • Keep up to date with trends in IPMI and how the market is changing. 
  • Understand the impact of major partnership deals.
  • See an overview of what insurers and brokers are doing. 
  • Find out which countries are bringing in compulsory health insurance.
  • Understand changes to universal health insurance in countries.
  • See the latest insurer and broker research.
  • This is THE one report you need as it is informed, analytical and up to date- from an insurance and market research professional of many years standing.
  • It is as far from the usual boiler late report as a new Ferrari is from a rusty Lada. 

To purchase this report, or any others, simply write to ipmi[at]

View the report contents breakdown, click here.

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