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Tuesday 11 October 2016 by FIIG Research Company updates

Company updates – Suncorp subsidiary AAI Limited new issue is DirectBonded

We’ve added the new AAI Limited subordinated bond to our DirectBond list

AAI Limited DirectBond – 6 October 2042 subordinated Tier 2 bond

Suncorp subsidiary AAI Limited (formerly Vero Insurance Limited) is one of the largest general insurers in Australia, underwriting mainly motor, home and compulsory third party insurance for individual and commercial clients. It is the main operating general insurance company for Suncorp Group Limited. AAI underwrites and distributes personal and commercial general insurance products across Australia through direct and intermediated channels under several leading brands which include: AAMI, GIO, Suncorp, Vero, and APIA.

The AAI Limited 2042 floating rate bond has been added to our DirectBond list. The bond is Australian dollar denominated with a first call date of 6 October 2022, with a yield to worst* of 4.66%. The bonds are available to wholesale investors only, with minimum investments of AUD10,000 and denominations of AUD10,000 thereafter.

Pricing is accurate as at 11 October 2016 but subject to change.

*The yield to worst (YTW) is the lowest yield an investor can expect when investing in a callable bond. More information on yield to worst can be found here.

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