Qatar Successfully Completes USD 3 Billion Dual-Tranche Bond Issuance

Doha, September 27 (QNA) - The State of Qatar, acting through the Ministry of Finance, has successfully completed a dual-tranche US Dollar denominated issuance comprising a 5-year and a 10-year conventional bonds totaling USD 3.0 billion.

The Ministry of Finance said in a statement today that the issuance attracted robust demand from existing and new investors and underpinned the State's global appeal as one of the highest rated sovereigns in the Emerging Markets, reflecting the deep trust international investors place in the country's financial stability, strong financial position and its solid medium-term economic growth outlook.

The transaction included a USD 1.0 billion tranche maturing in 5 years and a USD 2.0 billion tranche maturing in 10 years. The transaction was priced at a spread of 55 basis points over US Treasuries for the 5-year tranche and 65 basis points over US Treasuries for the 10-year tranche.

Launched at an Initial Price Target (IPT) of 85 basis points for the 5-year tranche and 95 basis points for the 10-year tranche. Strong investor appetite resulted in the orderbooks reaching a peak at USD 7.7 billion which allowed price tightening of 30 basis points for both tranches.

The issuance was 2.5 times oversubscribed at the peak of demand, having attracted a diversified investor base across Asia, Europe, Middle East and the United States.

The transaction was led by Goldman Sachs International, HSBC, J.P. Morgan, QNB Capital and Standard Chartered Bank as Joint Global Coordinators, with Credit Agricole CIB, Deutsche Bank, Mizuho, MUFG, Santander and SMBC acting as Joint Lead Managers. (QNA)