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Emerging Markets

A disaster-proof construction for IAG

The well-earned reputation for Australian investment-banking innovation earned another star in November, when Insurance Australia Group raised A$500 million (US$374.7 million) through an innovative hybrid securities issue. The notes can instantaneously become Tier 1 capital securities if IAG ‘breaks the glass' in the event of an emergency. Mark B. Johnson reports.

  • 01 Dec 2004
TRANSACTION
Insurance Australia Group sold A$500 million of perpetual reset exchangeable securities (RES) that it can exchange into perpetual preference shares that will count as Tier 1 regulatory capital.

ORIGINATOR
UBS, KPMG and Mallesons

ARRANGER
UBS Investment Bank

QUESTION: WHEN IS a security not a security? Answer: When insecurity prevails. Insurance Australia Group (IAG) ...

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Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 16,961.93 95 11.21%
2 Citi 13,985.93 70 9.24%
3 Deutsche Bank 11,697.06 60 7.73%
4 Morgan Stanley 10,719.20 41 7.08%
5 Bank of America Merrill Lynch 9,738.55 45 6.44%

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5 Citi 3,273.75 11 9.67%

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1 Citi 4,282.26 22 6.14%
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5 Barclays 2,414.37 8 3.46%

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1 BNP Paribas 330.67 2 9.81%
2 Deutsche Bank 242.09 2 7.18%
3 SG Corporate & Investment Banking 236.04 3 7.00%
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5 Standard Chartered Bank 715.99 13 1.91%