QBE’s move to refinance about $300 million of debt through the issue of debt-based securities has stirred some conflicting viewpoints among analysts. Its hybrid equity raising is underwritten by Merrill Lynch, and according to a statement to the stock exchange, was planned before September 11.

The issue allows QBE to take advantage of the current low interest rate environment and “provide greater flexibility to our business plans”. This is the fourth capital-raising QBE has managed in the past year – $275 million last April, $663 million in November and some $40 million for its dividend reinvestment plan.

More information will be released by QBE later today or tomorrow. We’ll keep you posted.