With ASIC’s design and distribution obligations at the front of its mind, the insurer told investors on Thursday that it was mulling a new capital notes transaction and had hired seven brokers to help sell it.
The raising, subject to market conditions and the like, would include a reinvestment offer, with the insurer’s IAG Capital Notes due to hit an optional exchange date mid next year. There are $404 million of IAG Capital Notes on issue , and they pay investors distributions worth 4.7 per cent above the three-month bank bill swap rate.
IAG told investors to talk to their broker if they wanted to buy the new notes, or roll-over their existing holdings. The brokers included UBS, ANZ, CBA, Morgans, NAB, Westpac and LGT Crestone.
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