Insurance Australia Group (IAG) (A by S&P) revealed on May 18 that it has completed the bookbuild on its subordinated convertible notes offer. The issuer has sized the offer at NZ$350 million (US$237.7 million), the maximum of the NZ$250-350 million indicative range, and fixed the margin at 260 basis points over mid-swap. The interest rate, until the first optional redemption date of June 15 2022, will be 5.15 per cent.