CBQ seeks nod for $5bn bond programme
Doha, February 7, 2011
Commercial Bank of Qatar (CBQ) will seek approval from shareholders to establish a $5 billion bond programme, according to a regulatory filing.
If approved, the Euro medium term notes programme would allow the bank, or its subsidiary CBQ Finance, to issue bonds or other debt instruments, the agenda for the company's annual general meeting, scheduled for February 21, showed.
CBQ last tapped global debt markets with a five-year, 275 million Swiss franc-denominated bond issue in November, the first Qatari credit to issue in the currency, which pays a coupon on 3 percent.
The bank issued $1.6 billion in a dual-tranche bond in November 2009.
A healthy pipeline of bond issues from the Gulf region is expected to result in excess of $30 billion in issuance in 2011, but borrowers are wary of selling debt at present because of contagion risks from political instability in Egypt.
Nonetheless, bankers have received requests for proposals from potential issuers, including the Bahrain government and Oman's Bank Muscat.
CBQ's fourth-quarter net profit soared 66 percent, but fell short of forecasts due to higher-than-expected provisions, the lender reported in January. - Reuters
More Finance & Capital Market Stories
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m