Qatar budget surplus balloons to $12bn
Doha, July 9, 2012
Qatar's government budget surplus jumped to QR44.5 billion ($12.2 billion) in its 2011/12 fiscal year which ended in March, double the original plan, a prospectus for the country's Islamic bond showed on Monday.
The surplus stood at QR12.8 billion in the previous fiscal year, it stated.
The Opec member's expenditure rose to a record QR158.9 billion last fiscal year from QR142.7 billion in 2010/11, the prospectus also showed. Revenue soared to QR203.4 billion from QR155.5 billion.
Also Qatar is planning to issue a two-tranche Islamic bond (sukuk), four sources familiar with discussions said on Monday, as it kicked-off investor meetings in Malaysia.
The world's largest liquefied natural gas exporter is holding roadshows in Kuala Lumpur and Singapore on Monday and Tuesday respectively, arranging banks said last week, following which a sukuk may be issued, subject to market conditions.
No indication of size was made available, which is usually determined depending on investor feedback and appetite.
But market sources in the Gulf said demand for a sukuk from Qatar, one of the highest-rated regional credits as well as one of the world's wealthiest nations, would be high, allowing the state to print a large deal.
Its last debt markets outing was a $5 billion multi-tranche conventional bond in November, which attracted orders of about $10 billion.
Qatar has hired HSBC Holdings, Deutsche Bank , Standard Chartered and local lenders Barwa Bank and QInvest to arrange the investor meetings.
The sukuk is scheduled be this week's business, according to the initial mandate announcement.-Reuters
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