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Sector
Financials
Size
Large Cap
Market Cap £5.74bn
Enterprise Value £8.08bn
Revenue £11.98bn
Position in Universe 51st / 1837

QBE Insurance issues 1st U.S. dollar-denominated 'gender equality bond'

Mon 13th November, 2017 8:09am
HONG KONG, Nov 13 (Reuters) - Australia's QBE Insurance 
Group  QBE.AX  drew applications of more than $8.25 billion for 
a $400 million "gender equality bond", bankers said, in a deal 
that offered high returns while promoting socially responsible 
investing.   
    Bonds like the ones QBE sold invest in paper issued by 
companies that support workplace gender equality.  
    The QBE bond, a capital note that is eligible for inclusion 
as the financial institution's additional Tier 1 Capital, is the 
first "gender equality bond" issued in U.S. dollars, euro or 
yen, a banker involved in the deal said. 
    In March, National Australia Bank  NAB.AX  issued a gender 
equality bond that was the first of its kind, the banker said. 
That bond was denominated in Australian dollars. 
    QBE's perpetual bond, callable after 7-1/2 years, was priced 
last week at a yield of 5.25 percent, 50 basis points inside the 
initial price guidance following the strong orders.  
     In secondary trading, the bonds traded as high as 101.50 
cents on the dollar, reflecting strong investor backing. 
 
 (Reporting by Umesh Desai; Editing by Richard Borsuk) 
 ((umesh.desai@thomsonreuters.com; +852-2843-6935; Reuters 
Messaging: umesh.desai.thomsonreuters.com@reuters.net; Twitter 
@umesh_desai)) 
 
Keywords: QBE DEBT/BONDS
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