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QIC unit to issue Tier 2 bonds

QIC unit to issue Tier 2 bonds
The Qatar-listed insurer’s stock rose 1.65% to QAR 73.80 by 11:15am UAE time (Photo Credit: Company Website)
Qatar Insurance
QATI
-0.53% 2.25 -0.01

Doha – Mubasher: Qatar Insurance Company (QIC) said its unit Qatar Reinsurance will issue Tier 2 bonds, according to a statement.

Standard and Poor’s (S&P) gave a “stable” outlook for QIC and its unit.

The QIC unit has chosen HSBC and BNP Paribas as global coordinators and joint lead managers, in addition to Emirates NBD Capital and the National Bank of Abu Dhabi (NBAD) to arrange a series of meetings with fixed income investors as of 2 March.

QIC has a 55.38% stake in Qatar Reinsurance.

The Qatar-listed insurer’s stock rose 1.65% to QAR 73.80 by 11:15am UAE time, generating QAR 268,000 from the exchange of 3,600 shares.