The volume of new issuance for investors in ASX-listed interest rate securities has been thin in 2013. Compared with the A$13 billion of issuance in 2012, the $5.1 billion of issuance so far this year says issuers are taking a breather.Investors, on the other hand, are probably not fatigued, but they may be disappointed with the returns on offer when the issuers come back. And the issuers will be coming back.There is almost $5 billion of ASX-listed interest rate securities that will either mature or reach their first call date in 2014. And, with much of this debt now able to be refinanced at credit spreads that are much lower than those currently being paid, it is almost certain that the securities will be called.AMP is a case in point. AMP launched its Subordinated Notes 2 issue yesterday, with the intention of raising $200 million or more.Investors in the existing subordinated notes are being offered the opportunity to roll over their investment at face value. Accrued interest to the date of roll over will be paid separately in cash.The proceeds from the Notes 2 issue will be used to cover the redemption of the existing subordinated notes.AMP is offering a cumulative cash coupon of 265 to 285 basis points over the 90-day bank bill rate on Notes 2. While the credit spread on offer compares favourably with where the Suncorp subordinated notes, issued earlier this year, are currently trading, the existing subordinated notes pay 475 bps over the bank bill rate and this steps up to 713 bps if the notes are not redeemed by May next year.Current investors should not be holding their breath hoping to receive the step-up, but they may not want to roll over just yet either. The choice will depend on an assessment of what alternatives may be on offer come May next year.The Notes 2 contain the now mandatory non-viability trigger. And, as has become the practice this year with tier-two capital issues, a sale facility will be made available to investors who are unable or unwilling to take AMP shares upon a mandatory conversion.The notes have a 10-year term to maturity but can be called after five years if the Australian Prudential Regulation Authority consents.The offer will open next Thursday, after AMP conducts a book build on Wednesday, and will close on December 9.