OFFER OF UNSECURED SUBORDINATED NOTES ("NOTES") BY INSURANCE AUSTRALIA GROUP LIMITED ("IAG")
INSURANCE AUSTRALIA GROUP LIMITED
iag.com.au
There are some aspects of this fund which may require extra consideration before deciding to invest.
FMA exemption
Some funds are exempted from the disclosure requirements, so certain information may not be available for these offers. Or the information provided might be in a different form, given the bespoke nature of the offer. Here's more on Financial Markets Authority exemptions.
Financial Markets Conduct (Disclosure Using Overseas GAAP) Exemption Notice 2021
Issuer can withhold payment
In this case, the provider of this investment may not pay investors back straight away. This is important to know and acknowledge as you research investments.
Issuer's description of this product:
The Notes are unsecured subordinated debt obligations of IAG. The Notes may convert into fully paid ordinary shares in the capital of IAG in certain circumstances.
Minimum investment
$5,000
This is the minimum amount you would need to put into this in order to invest.
Closing date
25 Mar 2022
This is when this offer closes to investors.
Rate
Non-fixed
This investment offer does not have a single set rate. This may mean that the rate is variable or that there are multiple rates available.
The details
Key facts
Provider website
Intending to list
Yes
Issuer's industry
Financial/insurance
Credit ratings
Credit ratings can help you understand whether your investment in bonds will pay or if you'll get your money back. They indicate the long-term ability of the issuer to repay its debts. See also the Reserve Bank's primer on credit ratings and a map of the three scales used by the rating agencies.
Investment credit rating
BBB
(Standard & Poor's)
This is the credit rating for this particular bond or debt security.
Issuer credit rating
Not providedMaturity
Fixed Date
Rate
Non-fixed
Rate calculation description
Fixed interest rate:
The interest rate will be the "Fixed Rate" until the "First Optional Redemption Date". The Fixed Rate is equal to the sum of the swap rate (a reference rate for a term equal to the period from the issue date to the First Optional Redemption Date) plus the "Margin". The Fixed Rate as determined on the rate set date and announced via NZX is 5.32% per annum.
Floating interest rate:
From the First Optional Redemption Date, the interest rate will be the "Floating Rate". The Floating Rate will be equal to the sum of the 3 month bank bill rate (a benchmark floating interest rate) plus the Margin. The Floating Rate will be determined by IAG on the first business day of each interest period during which the Floating Rate applies and announced by IAG via NZX on or about that date.
Margin:
The Margin as determined on the rate set date through the Bookbuild and announced via NZX is 1.90% per annum. The Margin will not change over the term of the Note
Key documents
These are the most important documents that a provider is required to file about this investment.
Product disclosure statement
Before you invest in a product like a fund, you are given a PDS which has essential details about it and the company providing it. Here's more on how to read a PDS.
IAG Tier 2 Offer 2022 Product Dislosure Statement.pdf
How this investment works, including about the provider, risks, costs and potential returns
PDF, 578.08 KB
Additional disclosure documents
These are more documents from the provider that can contain interesting information.
IAG Tier 2 Offer 2022 Other Material Information.pdf
This document contains other information that is material to the Offer but which is not contained elsewhere
in the product disclosure statement ("PDS") or the register entry.
PDF, 165.85 KB
IAG Tier 2 Offer 2022 Investor Presentation.pdf
Investor Presentation
PDF, 498.08 KB
Additional details
Issuer details
Name
INSURANCE AUSTRALIA GROUP LIMITED
Industry
Financial/insurance
Website
Credit rating
Not provided
Supervisor
Name
THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED
Offer details
Date registered
11 March 2022
Date opened
21 March 2022
Closing date
25 March 2022
Offer credit rating
BBB (Standard & Poor's) on 11 March 2022
Continuous issue
No
Further payments may be required
Yes
Restrictions on transfer
Yes
Restrictions on acquisition
No
Convertible product
Yes: The Notes are unsecured subordinated debt obligations of IAG. The Notes may convert into fully paid ordinary shares in the capital of IAG in certain circumstances.
Intending to list
Yes : nzx.com
Schedule 1 exemption
No
FMA exemption
Yes
Reference numbers
Offer
OFR13283: OFFER OF UNSECURED SUBORDINATED NOTES ("NOTES") BY INSURANCE AUSTRALIA GROUP LIMITED ("IAG")