Qatar Reinsurance sets initial price guidance for $450 mln perpetual bond

DUBAI, March 6 (Reuters) - Qatar Reinsurance Co, a subsidiary of Qatar Insurance Co, has released initial price guidance in the 5.5 percent area for a planned $450 million perpetual bond, a document issued by one of the lead banks showed on Monday.

The subordinated Tier 2 non-call 5.5-year debt offer is guaranteed by QIC, the largest insurance company in the Middle East and North Africa region.

BNP Paribas and HSBC are the global coordinators, joined by Emirates NBD Capital and National Bank of Abu Dhabi as joint bookrunners. The bond is expected to be rated BBB+ by Standard & Poor’s. (Reporting by Umesh Desai; Writing by Davide Barbuscia; Editing by Andrew Torchia)