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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