Published: October 14, 2012
Qatari bank makes first foray into international debt markets.
Qatar International Islamic Bank (QIIB) has made its first issuance in the international debt markets, placing a US$700mn five-year sukuk.
Announcing the deal, QIIB chairman HE Sheikh Dr Khalid bin Thani bin Abdulla Al-Thani said the money raised will help the bank to participate in financing large infrastructure projects.
The sukuk has been issued with a 2.688% annual profit rate. HSBC, QNB Capital and Standard Chartered Bank acted as joint lead managers and joint bookrunners, while Qatar Islamic Bank and Malaysia's CIMB Investment Bank were co-managers.
After a roadshow covering the Middle East, Asia and Europe, the order book closed at more than US$5bn. Half of the book was covered by investors from the Middle East, 30% from Asia and 20% from the UK, Europe and US.