The company said that the issuance came through QIC Cayman Limited, a special purpose company established in the Cayman Islands, to complete the issuance process, and guaranteed by Qatar Insurance Company .
The bonds are rated by the Standard & Poor's credit rating agency at (+ BBB).
According to a company statement yesterday, Saturday, these bonds will be permanent and have a redemption date on October 30 of 2025.
The bond interest rate was set at 6.55% annually, to be paid semi-annually, as the interest rate was fixed until the first redemption date.
In case the redemption is not completed, the interest rate on the bonds will be reset on the first redemption date and then every 5 years, according to the interest rate on then-US Treasury bonds that are due. For a period of five years in addition to the spread of the initial credit.
These bonds will enhance the strong capital of Qatar Insurance, and is expected to be included in Tier 2 Capital category II capital under Qatar Central Bank regulations to calculate the solvency ratio.
The bonds are also designed to be included in the total capital of Qatar Insurance Group adjusted according to the Standard & Poor's credit rating agency and the rating agency AM Best.
