Qatar National Bank raised $1bn via a 5Y bond at a yield of 1.479%, 95bp over Mid Swaps and 25bp inside initial guidance of MS+120bp area. The Gulf’s largest bank received orders of over $2.5bn, 2.5x issue size for the new bond, which is expected to be rated Aa3. The new bonds will be listed on the London Stock Exchange with proceeds earmarked for general corporate purposes. Credit Agricole, HSBC, Mizuho, QNB Capital and Standard Chartered arranged the deal. The new bonds offer a new issue premium of 14.9bp over its older 1.625% bonds due September 2025 that are currently trading at 101.3 yielding 1.33% on the secondary market. Saudi’s largest lender National Commercial Bank (NCB) is also expected to tap the international bond market with a $1bn dollar tier 1 sukuk expected to hit the markets soon.
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