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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 4,876.32 17 6.23%
2 Morgan Stanley 4,353.81 8 5.56%
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4 JPMorgan 3,322.13 7 4.24%
5 Bank of America Merrill Lynch 2,922.00 5 3.73%

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1 Morgan Stanley 3,570.49 3 30.44%
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1 JPMorgan 824.51 2 12.63%
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5 Citi 26.74 7 0.00%

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1 ING 3,380.05 26 11.78%
2 SG Corporate & Investment Banking 2,960.06 15 10.32%
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4 Deutsche Bank 2,164.95 13 7.55%
5 Citi 1,842.43 15 6.42%

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Rank Lead Manager Amount $m No of issues Share %
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1 Standard Chartered Bank 307.53 5 13.68%
2 HSBC 160.61 3 7.15%
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