QNB Capital Acts As Global Coordinator on Qatar’s $3 Billion Bond Issuance

QNB Capital successfully acted as Global Coordinator on the State of Qatar’s $3 billion dual-tranche conventional bond issuance in the international debt capital markets, with strong investor demand pushing total orders beyond $6 billion.

Priced on September 21, the issuance comprised a $1 billion five-year bond and a $2 billion ten-year bond.

The five-year tranche was priced at 55 basis points over US Treasuries, with a coupon of 5.25 percent and a yield to maturity of 5.38 percent. It attracted orders exceeding $2 billion, more than twice the amount issued. The ten-year tranche was priced at 65 basis points over US Treasuries, with a coupon of 5.375 percent and a yield to maturity of 5.613 percent. Investor orders exceeded $4 billion, also more than twice the amount issued.

The strong demand enabled Qatar to price both tranches with a new issue premium of only five basis points above fair value, among the lowest premiums recorded across comparable regional transactions in 2026, according to QNB.

The transaction attracted a diversified investor base spanning Asia, Europe, the Middle East and the United States.

QNB Group Group Chief Executive Officer Abdulla Mubarak Al Khalifa said the strong demand and competitive pricing reflected continued international investor confidence in Qatar’s economy and credit fundamentals.

“QNB Capital is proud to have supported the State of Qatar in the successful execution of this important international bond issuance,” he said, adding that the transaction demonstrated QNB Group’s ability to combine debt capital markets expertise with its international network and global investor relationships.

QNB Capital acted as Global Coordinator alongside JP Morgan, HSBC, Standard Chartered Bank and Goldman Sachs. Santander, Crédit Agricole Corporate and Investment Bank, Deutsche Bank, Mizuho, MUFG and SMBC acted as Joint Bookrunners.

The transaction further strengthens QNB Capital’s track record in sovereign and institutional debt capital markets transactions and its role in supporting Qatar and its clients in accessing international capital markets.