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Qatar Reinsurance sets initial price guidance for $450 mln perpetual bond

Published 2017-03-06, 12:38 a/m
Qatar Reinsurance sets initial price guidance for $450 mln perpetual bond
BNPP
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QINS
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DUBAI, March 6 (Reuters) - Qatar Reinsurance Co, a subsidiary of Qatar Insurance Co QINS.QA , has released initial price guidance in the 5.5 percent area for a planned $450 million perpetual bond, a document issued by one of the lead banks showed on Monday.

The subordinated Tier 2 non-call 5.5-year debt offer is guaranteed by QIC, the largest insurance company in the Middle East and North Africa region.

BNP Paribas (PA:BNPP) and HSBC are the global coordinators, joined by Emirates NBD Capital and National Bank of Abu Dhabi as joint bookrunners. The bond is expected to be rated BBB+ by Standard & Poor's.

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