Walkers advises QIC on their $500 million Tier 2 capital notes issuance

Our Dubai-based team has acted as Cayman Islands legal counsel to Qatar Insurance Company Q.S.P.C. (QIC) and QIC (Cayman) Limited in connection with the successful issuance of $500 million subordinated perpetual Tier 2 capital notes.

The notes were issued by QIC (Cayman) Limited and guaranteed on a subordinated basis by QIC. The issuance attracted strong investor demand, with the order book reaching six times the value, exceeding USD 3 billion, it was priced with a fixed coupon of 6.15%. These notes are listed on the London Stock Exchange's International Securities Market.

Founded in 1964 and headquartered in Doha, QIC is considered to be the largest insurance group in the MENA region by total assets and shareholders’ equity.

We acted as Cayman Islands legal counsel to QIC and QIC (Cayman) Limited in the issuance with Walkers' role consisting of providing Cayman law advice and assistance to the parties. Our team was led by partner Ciaran Bohnacker and senior associate Szymon Durlo.

The transaction was arranged by a syndicate of leading international and regional banks. HSBC was appointed as sole structuring adviser. ANZ, HSBC and J.P. Morgan were global coordinators and joint bookrunners and ANZ, Emirates NBD Capital, HSBC, J.P. Morgan, Mashreq and QNB Capital were joint bookrunners.

We continue to provide regular administrative and legal support to QIC and QIC (Cayman) Limited.

Speaking on the transaction, Ciaran Bohnacker said: "It was a pleasure to support QIC on their latest bond issuance. The great demand for the bonds is a testament to both the business and the strength of the regional market as investors continue to turn to Qatar and the wider Middle East."