Qatar Islamic Bank bond sale could raise up to $750m

30 September 2010

Three banks are managing the issuance

Qatar Islamic Bank could raise as much as $750m by selling five-year Islamic bonds that may be priced to yield 262.5 basis points above similar maturity midswap, Bloomberg has reported, citing four bankers familiar with the transaction. Qatar Islamic said last week it would start meeting with investors in the Middle East, Asia and Europe starting 24 September and had hired Switzerland’s Credit Suisse Group, the UK’s HSBC Holdings and local investment bank QInvest to manage the issuance. “The demand for it has been very strong,” Akber Khan, a director at Al Rayan Investment in Doha told the news service. “US dollar yields are so low that GCC issues in dollars look attractive for yield-hungry investors.”

A MEED Subscription...

Subscribe or upgrade your current package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications