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QBE Insurance Group Prices 500 Million Euros in Subordinated Notes Issuance

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QBE Insurance Group (ASX:QBE) priced an issue of 500 million euros in fixed rate resetting subordinated notes under its note issuance program, according to a Thursday Australian bourse filing.

The notes will have a term of 11 years, maturing June 17, 2037. Interest payable on the notes will initially be at a fixed rate of 4.293% per annum, paid annually in arrear up until maturity.

The notes will be eligible as Tier 2 capital under the Australian Prudential Regulation Authority's capital adequacy framework.

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