Life insurance company Tower Australia Ltd met with investors this week for first time ahead of a possible bond issue, a fund manager said on Wednesday. The Australian dollar offer debut is not seen as imminent as the firm does not have credit ratings yet, the fund manager said.
Most bond offers in Australia are rated by at least one agency. ANZ arranged Tower’s presentations in Sydney and Melbourne which took place earlier this week.
Tower Australia, the nation’s fourth-largest insurer, formerly operated with New Zealand insurer and Funds management company Tower Ltd as one company before it split into separate listed companies in 2006.
Tower Australia’s principal activities include life insurance, funds management, superannuation, financial planning, and investment management.
Source : Reuters
