Insurance Australia Group (IAG) set the final rate on its subordinated bond in New Zealand on December 15. The offer opened on November 16 and was initially targeting a volume of NZ$250 million (US$188.7 million), but was upsized to NZ$325 million as a result of oversubscription during the bookbuild process. The minimum interest rate until the first call date, in December 2016, has been set at 7.5 per cent based on the offer's close on December 12.