IAG has announced the issuance of a new hybrid security as part of its efforts to meet the new capital adequacy requirements imposed by APRA – the government body responsible for regulating banks and insurance companies. The new issue will be $350 million with a coupon (dividend) of 400 basis points or 4% above the bank bill reference rate. Further details can be found in this article from The Australian on 20March 2012 – PDF copy.