IAG follows CBA to hyrbid market, seven brokers hired

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Insurance Australia Group’s set to follow Commonwealth Bank of Australia to hybrid markets, flagging a new deal that brokers expect to launch next week.

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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