, Columnist
The Battle for an Orphaned Asset Class
Aviva has bowed to criticism, but that's not the end of the story.
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It looks a victory for aggrieved bondholders. Aviva Plc has had enough bad press and has kicked controversial plans to cancel its preference share class into the long grass.
The decision isn't entirely charitable. The British insurer may also have been influenced by the fact that likely cost of issuing new perpetual debt was beginning to tick up.