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Doha skyline and harbor at sunset, Qatar, Middle East
Qatar Insurance Company Q.S.P.C (QIC) has mandated banks to launch a series of fixed income investor meetings commencing on Monday, June 30.
A USD-denominated Reg S only perpetual non-call 6-year subordinated, unsecured Tier 2 notes may be issued, subject to market conditions.
HSBC has been appointed as sole structuring adviser. ANZ, HSBC and J.P. Morgan are global coordinators and joint bookrunners and ANZ, Emirates NBD Capital, HSBC, J.P. Morgan, Mashreq and QNB Capital are joint bookrunners
The notes will be potentially issued by QIC (Cayman) Limited and guaranteed on a subordinated basis by QIC.
Use of proceeds include strengthening the capital position and other corporate purposes, which may include funding in whole or part redemption of its $300 million perpetual Subordinated Tier 2 notes, the investor document showed.
QIC, the largest insurance company in the MENA region by total assets and total equity, is rated A- by S&P and A- by A.M. Best, both with a stable outlook. The notes are expected to be rated BBB by S&P.
The notes will be listed on London Stock Exchange’s International Securities Market.
In 2022, the insurer refinanced a 2017 Tier 2 issue with a $400 million raise. The Qatar government and the Qatari Royal Family hold a 23% shareholding in QIC.
(Writing by Brinda Darasha; editing by Seban Scaria)
