By Christine Van Dusen
Atlanta, March 6 – Qatar Re, the reinsurance unit of Qatar Insurance Co., priced $450 million tier II perpetual notes (expected rating: /BBB+) at a yield of 4.95% on Monday, a market source said.
The notes were initially talked in the 5½% area.
The notes come with 5½ years of call protection.
BNP Paribas, Emirates NBD Capital, HSBC and National Bank of Abu Dhabi were the bookrunners for the deal.
Other details were not immediately available on Monday.
The issuer is based in Hamilton, Bermuda.
| Issuer: | Qatar Re
|
| Amount: | $450 million
|
| Maturity: | Perpetual
|
| Description: | Tier II notes
|
| Bookrunners: | BNP Paribas, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi
|
| Yield: | 4.95%
|
| Call options: | Non-callable for 5½ years
|
| Trade date: | March 6
|
| Expected rating: | S&P: BBB+
|
| Price talk: | 5½% area
|
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