b'TABLE OF CONTENTSCORPORATE FINANCE Debt Capital MarketsNorth America and BermudaThe debt capital market for North American insurers was active in 2021, with numerous insurance companies across sectors issuing debt securities, often in multiple tranches. The purpose of most of these transactions was to raise funds to refinance existing debt securities, whether through redeeming or tender offers for existing debt, or repaying borrowings under credit facilities. The emerging outlook for rising interest rates provided some further incentive for issuers to access the debt capital markets.In addition, several issuances were related to raising funds for general corporate purposes or previously announced M&A activity. For example, in June 2021, Centene Corporation completed a $1.8 billion offering of its senior notes due 2028, the proceeds of which were used to finance a portion of the cash consideration in connection with its acquisition of Magellan Health Inc. In July 2021, Humana Inc. issued an aggregate of $3 billion of senior notes (with maturities in 2023, 2027 and 2032), the proceeds of which were used to finance a portion of the purchase price of its acquisition of the remaining 60% interest in Kindred at Home.UK and Europe2021 saw significant innovation by European insurers in the debt capital markets, specifically in green and sustainable debt. This stemmed from increased investor and regulator focus on Environmental, Social and Governance (ESG).Green and sustainable debt issuance was a key focus for European insurers in 2021. Many insurers built on their existing green bond programs with new issuances. Assicurazioni Generali S.p.A. continued its track record of strong issuances in the sustainable debt space, issuing a new Euro-denominated Tier 2 sustainability bond in June 2021, in accordance with its Sustainability Bond Framework. Following a successful launch in 2020, Munich Re issued its second green subordinated bond in August 2021, for principal of 1 billion. AXA issued its first green subordinated bond in March 2021, for principal 1 billion, MAYER BROWN |47'