LSE - London Stock Exchange plc
LSE - London Stock Exchange plc
03/14/2024 | News release | Distributed by Public on 03/14/2024 10:24
Doha Bank successfully issues its USD 500 million international bond on the London Stock Exchange
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Doha Bank successfully issues its USD 500 million international bond on the London Stock Exchange
Doha Bank successfully issues its USD 500 million international bond on the London Stock Exchange
BQ31
Posted: 14 March 202414 March 2024
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Doha Bank successfully issued a USD 500 million international bond with a tenor of 5 years and a coupon rate of 5.25% per annum. The transaction was met with exceptional demand from international and regional investor with the orderbook 4 times oversubscribed reaching USD 2 billion from a diverse group of European, Asian, and Middle Eastern accounts. The investor base comprised top fund managers, banks, private banks, and insurance companies.
Prior to the issuance, Doha Bank's management completed a comprehensive marketing exercise engaging with investors from around the globe presenting an overview of the bank's objectives and business performance. The campaign secured positive response on the Investors side due to Doha Bank's promising outlook and were impressed by Qatar's robust economic foundations. This allowed the bank to price at a competitive credit spread of 130 basis points over the 5-year U.S. Treasury rate, reflecting a tightening of 30 basis points from the initial price talk of 160 basis points.
Quick facts
Track
Market: Main Market
Instrument market cap (£m)
-
Listing/Admission to trading
12 Mar 2024
London Stock Exchange
10 Paternoster RowEC4M 7LSLondon, UK
Commenting on the success, H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, the Chairman, said: "This issuance comes in a pivotal moment as Doha Bank has embarked on an ambitious transformational programme. We are fully committed to the strategy and are very confident of the bright future for the Bank."
In alignment, H.E. Sheikh Abdulrahman Bin Mohammad Bin Jabor Al Thani, the Managing Director, said:"The success of this landmark transaction demonstrates the positive investor reception of strategic changes being implemented by the Bank."
Elaborating on the topic, Sheikh Abdulrahman Bin Fahad Bin Faisal Al Thani, the Group Chief Executive Officer, said: "This is the tightest spread on record for Doha Bank, we are proud of the success achieved in the international capital markets."
Previously, capital markets witnessed similar USD 500 million bond by Doha Bank in March 2021. "Capital markets is an integral part of Doha Bank's funding strategy, and we will continue to look to diversify and tap new sources of liquidity to support our future plans", added the GCEO.
It is noteworthy that Doha Bank is rated A- with a positive outlook by Fitch and Baa1 with a stable outlook by Moody's. The bond was issued under Doha Bank's USD 2bn Euro Medium Term Note programme that is listed on the London Stock Exchange.
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