American International Group Inc. bondholders reaped at least $3.2bn after the bailed-out company announced deals to sell its two largest non-US life insurance divisions for $51bn. AIG’s $78bn of bonds have surged to 18-month highs since Feb. 26, the last trading day before the insurer disclosed the first of the two divestitures. The New York-based firm’s debt is the best performer this month through yesterday on Bank of America Merrill Lynch indexes. Its subordinated debt jumped as much as 13 cents on the dollar. The insurer’s shares surged 11% today in New York trading. The insurer, once the world’s largest, said March 1 it was selling AIA Group Ltd. to Prudential Plc for $35.5bn. A week later, MetLife Inc. agreed to buy AIG’s American Life Insurance Co. for $15.5bn. After the transactions, AIG will have “more than sufficient” assets to repay senior debt, according to analysts at CreditSights Inc. “That’s money in the door,” said Jason Brady, who oversees $8bn in fixed-income securities including AIG debt at Santa Fe, New Mexico-based Thornburg Investment Management Inc. “The assets that they have on their books may actually be worth something, which ultimately is good for everybody, but especially for bondholders.”