04 July 2012 6:55am

IMB Ltd will pay 425 basis points over the bank bill swap rate for A$30 million of notes it issued yesterday.

The subordinated floating rate notes, which are eligible for inclusion as Tier 2 capital, were issued under IMB’s existing debt issuance program. They have a 10-year term with a five-year non-call period.

IMB said in a statement that it expected the notes to be rated BBB- by Standard & Poor’s. ANZ was the lead manager and dealer.

IMB also announced that it has bought out ipac Group Services from a financial planning joint venture.

IMB and ipac were...