Briefs: IAG upsizes sub debt issue, AFSA scam letter alert

Insurance Australia Group has completed a A$450 million issue of subordinated debt securities – up from $300 million at launch. The debt, which has a maturity date of December 2036 and an optional redemption date of December 2026, qualifies as tier 2 capital under APRA rules. IAG is paying a margin of 245 basis points over the three-month bank bill swap rate.
The Australian Financial Security Authority has issued a warning that a scam letter is circulating under its letterhead requesting US dollars in exchange for the release of a large sum of money. AFSA deputy chief executive Gavin McCosker said in a statement that the requests appears realistic. “Government departments, including AFSA, will never contact you asking you to pay money upfront in order to claim refunds or transfers,” he said.