Fitch Ratings assigned a 'BBB' rating to QBE Insurance Group's (ASX:QBE) AU$600 million tier 2 subordinated securities, according to a Wednesday statement by Fitch.
The notes, issued through QBE's note issuance program, consist of two tranches, AU$275 million with floating rates and AU$325 million with fixed-to-floating rates. Both tranches have a fixed maturity of 11 years.
The floating-rate notes will carry a coupon of the three-month bank bill swap rate, along with 1.95%, while the fixed-to-floating notes will offer a coupon of 5.802% for the first six years, transitioning to a floating rate thereafter.
The funds raised from the issuance will be used for general corporate purposes within the QBE Group.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.