Commercial Bank of Qatar (CBQ) has appointed Citigroup and HSBC to arrange a medium-term funding programme. The exact type, tenor and timing of the instrument have yet to be decided.To meet funding requirements in the interim, CBQ has signed a $340 million short-term facility with a group of 11 banks. CBQ arranged and documented the facility itself. Bank Austria, Bayerische Landesbank, Gulf International Bank and San Paulo IMI took the largest tickets. Joining at a lower level were Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BNP Paribas, Citigroup, HSBC, JP Morgan Chase & Company and The Arab Investment Company. CBQ’s decision to launch a bond programme follows a late 2005 change in Central Bank of Qatar rules on instruments eligible for inclusion in asset/liability ratios for lending limit purposes (Banking, MEED Special Report, 24:3:06, page 61). It was recently appointed to lead manage the initial public offering of shares in the newly formed Gulf Cement Company (see page 35).