- Expected margin of 5.10%-5.30% over 3m BBSW
- Franking level 85%
- First call date 22 Dec 2021
AMP has today announced a new issue of capital notes aimed at raising at least $200m of Additional Tier 1 capital. The securities will be perpetual, subordinated and unsecured with an optional exchange date on 22 December 2021 and a mandatory conversion on 22 December 2023. Distributions will be discretionary with an expected margin of 5.10% to 5.30% over the 90d bank bill rate – this includes franking at an expected 85% rate. The Capital Notes will have the usual APRA non-viability clause.