QBE priced a new additional tier-one (AT1) transaction on 10 November, printing US$400 million in a no-grow deal with a May 2025 first call date. In a first for the Australian market, the Reg S deal was issued in accordance with an issuer gender-equality framework. Paul Byrne, QBE’s Sydney-based group treasurer, estimates this approach may have doubled the volume of demand the transaction attracted.