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Qatari telecommunications company Ooredoo has raised $500 million through its new international bond offering.
The senior unsecured notes maturing in October 2034 and offering a coupon rate of 4.625% have been oversubscribed by 3.6 times, drawing interest from global markets including the Middle East and North Africa (MENA), Asia, Europe, the United Kingdom and the United States.
Investors ranged from asset managers, fund managers to insurance and pensions firms, banks and sovereign wealth funds, the firm said in a statement.
Earning A2 and A ratings from Moody’s and S&P, respectively, the 10-year bond placement was issued by the telecom firm’s wholly owned unit Ooredoo International Finance Limited under its $5 billion Global Medium Term Notes programme on the Irish Stock Exchange.
The spread stood at 88 basis points over 10-year US Treasuries, the narrowest recorded by Ooredoo.
Citigroup Global Markets Limited, J.P. Morgan Securities, HSBC Bank were among bookrunners of the placement
(Writing by Cleofe Maceda; editing by Seban Scaria)
