Qatar Insurance preps new offering of subordinated tier 2 notes

Chicago, June 27 – Qatar Insurance Co. QSPC is preparing a new offering of dollar-denominated subordinated tier 2 notes (BBB+), according to information from a market source and an announcement.

The listed issuer will be QIC (Cayman) Ltd. with a guarantee from Qatar Insurance.

The perpetual notes will come with six years of call protection.

BNP Paribas is the sole structuring adviser for the Regulation S offer.

The global coordinators and joint bookrunners are BNP Paribas and J.P. Morgan.

Also serving as joint bookrunners are Credit Suisse, Emirates NBD Capital, HSBC and QNB Capital.

Fixed-income investor calls started on Monday.

The new notes are expected to price before 11 a.m. ET on July 5.

Proceeds will be used to repurchase subordinated notes that are part of a tender offer and have their first par call date in September.

The issuer, based in Doha, Qater, specializes in personal and business asset protection.

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