On 17 August, Insurance Australia Group (IAG) (A by S&P) launched a new Australian dollar denominated, 16.25-year non-call 6.25-year (16.25NC6.25), tier-two, floating-rate note transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 270 basis points area over three-month bank bills. The notes are expected to be rated BBB. ANZ, HSBC and J.P. Morgan are leading.