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) ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Apr 2017
1 Citi 23,007.84 99 9.67%
2 JPMorgan 22,312.20 90 9.38%
3 HSBC 20,607.28 116 8.66%
4 Deutsche Bank 14,657.51 51 6.16%
5 Standard Chartered Bank 12,247.97 70 5.15%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Citi 6,735.93 19 15.27%
2 JPMorgan 5,704.36 22 12.93%
3 Deutsche Bank 4,053.23 6 9.19%
4 HSBC 3,652.60 8 8.28%
5 Bank of America Merrill Lynch 3,075.46 16 6.97%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Citi 9,785.59 28 12.39%
2 JPMorgan 9,618.50 32 12.18%
3 HSBC 7,482.11 34 9.47%
4 Deutsche Bank 5,927.57 13 7.50%
5 Standard Chartered Bank 4,524.88 17 5.73%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 Bank of America Merrill Lynch 839.08 3 11.43%
2 SG Corporate & Investment Banking 478.08 2 6.51%
2 Credit Suisse 478.08 2 6.51%
4 Raiffeisen Bank International AG 452.45 3 6.16%
5 UniCredit 449.98 3 6.13%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Apr 2017
1 AXIS Bank 3,701.65 57 16.55%
2 Trust Investment Advisors 3,126.63 68 13.98%
3 ICICI Bank 2,236.55 56 10.00%
4 Standard Chartered Bank 1,692.30 14 7.57%
5 HDFC Bank 1,536.61 40 6.87%