AMP Ltd. (AMP.AU) said Tuesday it has launched a 600 million Australian dollar (US$602.4 million) note issue to help fund its acquisition of the Australian and New Zealand operations of AXA Asia Pacific Holdings Ltd. (AXA.AU).

The floating rate subordinated exchangeable notes that mature on March 26, 2021 will be offered to institutional investors at 250 basis points over the three month bank bill swap rate, the company said.

AXA SA (AXAHY), which is buying AXA APH's Asian operations, has agreed to purchase the notes that aren't allocated to other investors.

-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8272-4679; rebecca.thurlow@dowjones.com
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