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IMB raises A$40M in Tier 2 note issuance

IMB Ltd. raised A$40 million from the issuance of Tier 2 subordinated notes.

The 10-year notes are not callable for the first five years and were issued under the company's A$2 billion debt issuance program, according to a May 26 release. The floating-rate notes were priced at a margin of 300 basis points above the relevant bank bill swap rate.

Australia and New Zealand Banking Group Ltd. acted as lead manager and dealer for the issuance.

IMB Ltd. trades as IMB Bank.

As of May 26, US$1 was equivalent to A$1.34.