UBS is leading its first public equity capital markets transaction for Axa as sole global coordinator of the French insurer's innovative €1.4bn ($1.6bn) rights issue with BNP Paribas as joint underwriter.

The two banks are fully underwriting €1.1bn of the rights issue as 20.4% of the offer is being taken up by Mutuelles Axa and Finaxa, two core shareholders. UBS is understood to be underwriting 75% of the deal with BNP Paribas underwriting the remaining 25%.