Qatar-based investment firm Estithmar Holding has issued QAR 500 ($137.4) million sukuk.

The issuance is the inaugural tranche of the holding firm’s QAR 3.4 billion sukuk programme that is listed on the London Stock Exchange’s International Securities Market (ISM), a statement said on Monday.

The three-year offering is the first corporate sukuk denominated in Qatari riyal.

Offering 8.75% coupons, the sukuk has so far attracted a mix of investors, including banks, insurers and asset managers, the company said.

The programme has been rated qaBBB, with a stable outlook on the Qatar National Scale by Capital Intelligence.

The holding firm launched its QAR 3.4 billion sukuk scheme in January this year.

The GCC region’s bonds and sukuk market has seen an uptick in demand, with primary issuances in the first half of the year raising $75.5 billion, up by 38% from a year earlier, according to Marmore MENA Intelligence.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com