Suncorp Group (ASX:SUN) established a non-underwritten wholesale note issuance program for additional tier 1 capital notes and tier 2 subordinated notes, according to a Friday Australian bourse filing.

The insurer will use the net proceeds for general funding and capital management purposes, including regulatory capital requirements of regulated entities in the group.

The capital notes will constitute direct, unsecured, subordinated, perpetual obligations, per the filing. The subordinated notes will constitute its direct, unsecured, and subordinated debt obligations.

Subordinated notes may bear interest at a fixed rate, floating rate or a fixed-to-floating rate.

Suncorp Group's shares jumped nearly 5% in recent trading on Friday.