FIG

摘要

QBE Insurance Group has announced an exchange offer to replace its outstanding US$538.608m legacy 7.25% May 24 2041 non-call 2021 144A/Reg S Tier 2 notes for a new Basel Ill-compliant 7.25% 27-year non-call seven 144A/Reg S T2 through sole dealer Morgan Stanley. Australia's biggest insurer in terms of premium income plans to issue at least US$300m of the new subordinated notes, and may offer some for sale if the amount of old notes tendered for exchange is below US$300m.