Norton Rose Fulbright in Sydney has acted for the Bank of New York Mellon (BNY Mellon) in connection with QBE Insurance Limited’s issuance of US$700 million Tier 2 subordinated notes.

Norton Rose Fulbright advised BNY Mellon, as trustee, paying agent and registrar in the landmark deal, which involved the first ‘bail-in’ style funding transaction by an Australian insurance company.

The transaction is unique because of a regulatory conversion trigger that allows the Australian Prudential Regulatory Authority to convert the notes automatically into ordinary shares, if QBE is deemed to be non-viable. 

The team was led by partner Tessa Hoser and special counsel Vittorio Casamento.

Norton Rose Fulbright’s wider debt capital markets team was recently bolstered with the appointment of Dale Rayner as a partner in its banking practice. Dale joined from Clifford Chance and is based in the Brisbane office.