Australia: Norton Rose Fulbright advises the Bank of New York Mellon in Australian debt capital market ‘first’
Last Updated: 10 December 2014

The Sydney office of global legal practice Norton Rose Fulbright 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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Press Releases from this Firm
Recent Content from this Firm
By Frances Drummond, Isobel Taylor
By Frances Drummond, Sophie Lees
By David Cross, Norah Chafardet
By Claudine Salameh, Candy Lau
By Abigail McGregor, David Cross, Jacob Smit
By Dylan McKimmie, Tatiana Gotvig
By Frances Drummond, Rebecca Brenikov
By Michael French
By Elisa de Wit
By Abigail McGregor, Jehan-Philippe Wood, Greg Vickery
Font Size: