ANZ, Bank of New Zealand, Craigs, Forsyth Barr and UBS will act as joint lead managers for the bond issue.

IAG will use the capital raised for its ongoing capital management program and for future refinancing requirements.

The Mallesons team was led by partners Shannon Finch and Anne-Marie Neagle who were supported by senior associate Charlie Detmold.

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NZ firm Chapman Tripp also acted.