• QBE prices AUD275 million of Floating Rate Subordinated Notes due 2036
• QBE prices AUD325 million of Fixed to Floating Rate Subordinated Notes due 2036
• Notes eligible as Tier 2 Capital under APRA's capital adequacy framework

QBE Insurance Group Limited (QBE) has announced the pricing of its issue of AUD275 million of Floating Rate Subordinated Notes due 2036 (2036 FRNs) and AUD325 million of Fixed to Floating Rate Subordinated Notes due 2036 (2036 FXD/FRNs), collectively referred to as the Subordinated Notes, under its Note Issuance Programme. The Subordinated Notes will be eligible as Tier 2 Capital under APRA's capital adequacy framework. The 2036 FRNs will have a term of 11 years, with interest payable quarterly in arrear at a rate equal to the prevailing three-month BBSW plus a spread of 1.95% per annum. The 2036 FXD/FRNs will also have a term of 11 years, with interest initially payable at a fixed rate of 5.802% per annum, paid semi-annually in arrear, and thereafter paid quarterly in arrear at a floating rate equal to the prevailing three-month BBSW plus a spread of 1.95% per annum. The Subordinated Notes are callable by QBE, subject to APRA's prior written approval, on the interest payment date falling on or nearest to 21 May 2031 and each interest payment date thereafter up to but excluding the respective maturity dates.