BREAKFAST DEALS: Capital craving

QBE Insurance may be forced to raise additional capital to protect its credit rating, while BlueScope abandons an American debt deal.

QBE Insurance shareholders are still fretting about a possible capital raising despite yesterday’s convertible notes issue. Part of their angst could be directed at the US government. BlueScope Steel also copped some share price pain yesterday for dropping its American debt deal. Meanwhile, Apache Energy is reportedly selling out of Burrup Fertilisers, which would prove to be a quick stopover. Elsewhere, Brisconnections shares have been suspended as talks with its banks begin, while Lazard Australia has axed two senior operators following the O’Sullivan Partners merger.

QBE Insurance

The share price battering that QBE Insurance copped yesterday on its updated guidance on the back of Hurricane Sandy spoke of more than the lower profit forecast.


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