QBE roadshow for a new subordinated bond?

QBE announced it has mandated several banks to arrange meetings with fixed income investors in Asia and Australia during the second week in September. The company stated a subordinated debt transaction may follow, subject to market conditions and terms. QBE’s last foray into debts markets was in November 2014 when it issued US$700m 2044 bonds which are callable in 2024. QBE has ₤300m of bonds maturing this month which will need to be refinanced from existing cash reserves and/or a new issue. The insurer has an A- rating from S&P and Fitch and a Baa2 rating from Moody’s.