Qatar raises $3bln from dual-tranche debt issuance, books at $6.4bln
By Staff Writer
The State of Qatar raised $3 billion through its first public debt offering of the year with the dual-tranche senior unsecured issuance drawing a combined $6.4 billion orderbook.
The $1 billion five-year tranche drew a coupon of 5.25%, with a reoffer price of 99.437 and yield of 5.38%. The spread was tightened to plus 55bp over US Treasuries from IPTs in the +85bp area.
The $2 billion 10-year tranche also drew a tight spread at T+65bp from IPTs in the UST +95bp area, with a coupon of 5.375%. The reoffer price was set at 98.197, with a yield of 5.613%.
The final book on the five-year was in excess of $2.4 billion (excluding JLM interest), with the 10-year drawing $4 billion (excluding JLM).
HSBC was named the billing and delivery bank on the five-year tranche, with Standard Chartered Bank doing the same on the 10-year issuance.
The bonds carry a settlement date of September 28, 2026, and will be issued under Qatar’s Global Medium Term Note Programme. A listing on the London Stock Exchange (Main Market) will follow.
(Writing by Bindu Rai, editing by Seban Scaria)