QBE prints A$330 million 15NC5 tier-two transaction

Thursday, 19 October 2023

Issuer name: QBE Insurance Group
Issuer rating: A-/A-
Issue rating: BBB-/BBB
Pricing date: 19 October 2023
Settlement date: 26 October 2023
Optional call date: 26 October 2028
Maturity date: 26 October 2038
Arranger: Barrenjoey
Lead managers: Barclays/Barrenjoey, Commonwealth Bank of Australia, Westpac Institutional Bank

Transaction type: tier-two subordinated notes
Volume: A$330 million (US$211 million)
Coupon type: FRN
Coupon rate: 3mBBSW + 255bp
Issue/re-offer price: par
Margin: 255bp/3m BBSW