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The State of Qatar, via the finance ministry, is marketing US dollar three-year and 10-year bonds at initial price thoughts in the Treasuries plus 60 basis points (bps) area and Treasuries + 80bps area respectively.
The senior, unsecured 144A/Reg S notes will be listed on the London Stock Exchange.
JP Morgan, QNB Capital and Standard Chartered are global coordinators, as well as joint lead managers with Banco Santander, Barclays, Citigroup, Credit Agricole, Deutsche Bank, Goldman Sachs and SMBC Nikko.
Qatar is rated Aa2 (Moody’s), AA (S&P) and AA (Fitch) (all stable outlook) and the issuance rating is expected to mirror that.
The issuance comes under Qatar’s Global Medium Term Note Programme.
After a gap of four years, the sovereign raised $2.5 billion in May 2024 with a dual tranche green issuance, the first by a GCC member. Pricing was tight with the five-year green bond priced at T+ 30bps down from 70bps and the 10-year green bond closed at T+ 40bps, against 80bps.
(Writing by Brinda Darasha; editing by Seban Scaria)
