Issuer and lead managers on Australia's latest retail hybrid transaction say its structure and size helped ensure a successful outcome despite the deal coming to market shortly after the pricing of A$4.35 billion (US$4.52 billion) of retail fixed income product in a two-week spell. Insurance Australia Group (IAG) (A+) set a margin of 400 basis points over bank bill swap rate (BBSW) on its A$350 million convertible preference share (CPS) offer on March 27.