Commentary & Deal Flow

Final Books > €1.8bn. Peak book > €2.4bn.

Launched: €500m @ MS+135bp - Orderbook in excess of €2.4bn
Book Update: Orderbook in excess of €2bn
IPTs: MS+160-165bps area

• Issuer: QBE Insurance Group Limited (ABN 28 008 485 014)
• LEI: 549300D2FBW76FPUSG65
• Type: Fixed Rate Resetting Subordinated Notes
• Issuer Rating: A (Stable) / A (Stable) (S&P / Fitch)
• Expected Issue Rating: BBB+ / BBB+ (S&P / Fitch)
• Format: Reg S Registered Form off Issuer's Note Issuance Programme
• Size: €500m
• Settlement Date: 17-Jun-26 (T+5)
• Maturity Date: 17-Jun-37 (11-years)
• Optional Redemption Date: 17-Jun-32, subject to APRA’s prior written approval. The approval of APRA may or may not be given. Investors should refer to the Offering Circular.
• Reset Date: 17-Jun-32
• Coupon: Fixed (resetting), Annual, ACT/ACT (ICMA), unadjusted
• Interest Rate: [Ÿ]% payable annually in arrear for the period from and including the Settlement Date up to but excluding the Reset Date. If the Subordinated Notes are not redeemed, purchased and cancelled, Converted or Written-Off by the Issuer by the Reset Date, the rate of interest payable annually in arrear for interest periods ending after the Reset Date shall reset to a fixed rate (expressed as a percentage per annum) equal to the sum of the Reset Rate on the Reset Determination Date plus the Reset Spread. Reset Rate: The prevailing 5-Year Euro Mid-Swap Rate. Reset Spread: The difference between the Re-offer Yield and the 6-Year Euro Mid-Swap Rate at the time of pricing.
• Conversion/Write-Off: Upon the occurrence of a Non-Viability Trigger Event, all or an amount of the Subordinated Notes must be converted into ordinary shares of the Issuer or (if conversion does not occur when required) written-off. See the Offering Circular for further details.
• Non-Viability Trigger Event: When APRA provides a written determination to the Issuer that (a) the conversion or write-off of Relevant Capital Instruments (which includes the Subordinated Notes) is necessary because, without the conversion or write-off, APRA considers that the Issuer would become non-viable; or (b) without a public sector injection of capital into, or equivalent support with respect to, the Issuer, APRA considers that the Issuer would become non-viable.
• No Set-Off: A Noteholder of the Subordinated Notes may not exercise any right of set-off and has no offsetting rights against the Issuer.
• Listing / Denoms: Singapore Exchange Securities Trading Limited (“SGX-ST”) / €100k + €1k
• Governing Law: English law, except the provisions of the Subordinated Notes relating to subordination, Conversion and Write-off which will be governed by and construed in accordance with the laws of New South Wales, Australia.
• Joint Lead Managers: Barclays, Crédit Agricole CIB, Deutsche Bank, J.P. Morgan and Natixis (B&D)
• ISIN / Common Code: XS3401901650 / 340190165
• Target Market: MiFID II and UK MiFIR product governance: Eligible counterparties and professional clients only (all distribution channels).
• Hedge Ref: DBR 0% 15-Feb-32 - HR 110%
• Hedge Deadline: 15h30 UKT / 16h30 CET
• Timing: Today's business