IAG prices institutional subordinated debt issue
The subordinated debt qualifies as Tier 2 Capital under the Australian Prudential Regulation Authority’s (APRA) capital adequacy framework for general insurers.
IAG’s Chief Financial Officer, Nick Hawkins, said “we are very pleased with the broad-based support from domestic and international institutions.”
The $350 million issue will pay investors interest quarterly at a floating rate equal to the three month bank bill swap rate (BBSW) plus a margin of 2.10% per annum.
For further information, please see following:
- Investor Terms Sheet