Roadshows were staged during the third week of May for the corporate bond issue planned by Qatar Petroleum (QP). The beginning of marketing follows the receipt of bids in mid-May on a parallel bank financing (MEED 5:5:05).
The bond roadshows began in Qatar before moving to London, the US West Coast and New York. The paper will have a tenor of five years as does the bank debt with an amortising structure, giving it an effective life of three years. The planned size was left open. Citigroup and Credit Suisse First Boston are the lead managers.Pricing is expected to take place imminently, after which QP will decide on the balance between bank and bond debt. Both are likely to be tightly priced. QP is understood to be seeking to raise a total of about $1,200 million via the two routes.