Suncorp-Metway (Suncorp) finalised the margin on Australia's first tier two deal to feature explicit write-down features on April 17, announcing the deal will pay 285 basis points over bank bill swap rate (BBSW) or the tight end of a 25 basis point marketing range. Under new regulatory rules tier two capital must include explicit loss-absorbency in the event of a non-viability trigger, which can be offered in the form of a write off or conversion to equity. Suncorp has elected to make its notes convertible.