On December 22, Insurance Australia Group (IAG) (A by S&P) disclosed that it has issued A$404 million (US$292 million) – upsized from a launch volume of A$350 million – in its latest capital notes offer. In an Australian Securities Exchange announcement the issuer confirms that the notes will qualify as additional tier-one capital and offer a margin of 470 basis points over three-month bank bill swap rate (BBSW), the tight end of a 20 basis points initial range.