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QNB to price benchmark bond on Wednesday

DUBAI, August 31, 2016

Qatar National Bank (QNB) is set to price a five-year bond of benchmark size on Wednesday after announcing initial price thoughts in the area of 135 basis points over midswaps, a document from lead managers showed.

Gulf banks have been tapping the bond market this year to help to manage squeezed liquidity in
the banking sector as lower oil prices have kept governments from placing large oil receipts on
deposit. In many cases, oil revenue has been withdrawn to help to bridge budgetary shortfalls.

QNB's proposed dollar-denominated deal is being arranged by Barclays, HSBC, Mizuho,
Mitsubishi UFJ Securities and Standard Chartered, as well as QNB's own investment banking
unit, the document said.

The arranger list was confirmed in a subsequent stock market filing from QNB, which added that
the transaction will be issued under the bank's Euro Medium Term Notes programme.

Benchmark size is usually understood to mean upwards of $500 million.

Both Kuwait's Burgan Bank and Sharjah Islamic Bank have announced plans to issue a bond and
sukuk respectively in the coming days and Emirates Islamic Bank completed a $250 million
sukuk trade on Tuesday.  - Reuters




Tags: Qatar | bond | QNB |

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