Suncorp debt lacks value

Suncorp-Metway on Thursday announced that it is looking to relieve bond holders of up to A$500 million of its subordinated debt, at an appropriate discount to face value.

Suncorp is inviting expressions of interest from bond holders keen to dispose of holdings in eight of the 13 subordinated bond issues that Suncorp has outstanding. Suncorp will stand ready to buy back its subordinated bonds until July 3.