Doha Bank bond issue eight times oversubscribed

12 March 2012

Qatari lender attracts $3.7bn orderbook for $500m deal

Doha Bank has said that its $500m bond deal attracted an orderbook of $3.7bn making it more than eight times oversubscribed, allowing the deal to price at the lower end of expectations.

The bond was priced at 262.5 basis points above the mid-swap rate, with a coupon of 3.5 per cent. Investors were primarily from the region, with Middle East and North Africa investors taking up 41 per cent of the issue, 23 per cent from the UK, 19 per cent from Europe, 12 per cent from Asia and 5 per cent from US offshore funds and others, according to sources close to the deal.

The deal was arranged by the US’ JP Morgan and Morgan Stanley.

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