QBE breaks new ground with first CoCo social bond

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By Tyler Davies
02 Nov 2017

QBE is set to become the first financial institution to issue a social bond as hybrid capital. The Australian insurance company picked banks on Thursday to arrange the sale of an additional tier one (AT1), the proceeds of which will be used in accordance with its gender-equality bond framework.

QBE mandated Crédit Agricole, HSBC and Morgan Stanley as bookrunners for the perpetual non-call five year AT1, which will convert into equity if the issuer hits its point of non-viability.

Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) sold the first ever sustainable tier two trade ...

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