x Abu Dhabi, UAESunday 23 July 2017

Qatar National Bank plans dollar bonds

Qatar National Bank plans to sell dollar bonds as the first Arab lender with assets exceeding US$100 billion pursues acquisitions.

Qatar National Bank plans to sell dollar bonds as the first Arab lender with assets exceeding US$100 billion pursues acquisitions.

The initial price guidance has been set at the 3.125 per cent area on the proposed seven-year bonds that may be sold as early as today, said two people familiar with matter, who asked not be identified because the details are private. Deutsche Bank, HSBC Holdings, JPMorgan Chase & Co, Standard Chartered, Mitsubishi Financial Group and Qatar National Bank are the book-runners.

The Doha-based lender said in December it will pay $1.97bn for 77 per cent of Egyptian unit of Societe Generale, part of a plan to more than double the ratio of profit it derives from global operations by 2017. Qatar National Bank has also sold debt denominated in Swiss francs, euros and Hong Kong dollars this year.

The lender last sold dollar-denominated bonds in November when it raised $1bn. The yield on the 2.125 per cent 2018 notes has climbed nine basis points since the bonds started trading to 2.38 per cent at mid-afternoon in Dubai, data compiled by Bloomberg show.

 

* Bloomberg News