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International Bank of Qatar’s $500m bond evokes huge response

International Bank of Qatar’s $500m bond evokes huge response

DOHA: International Bank of Qatar (ibq) yesterday announced the successful closing of a debut 5-year, $500m bond issuance under its $2bn Euro Medium Term Note programme, according to a statement. The deal, which evoked strong response from international, regional and local investors, was oversubscribed.

Omar Bouhadiba (pictured), Managing Director at ibq, said: “We are extremely pleased that our first bond issuance was met by such a positive response. Market conditions are today particularly difficult, and the fact that our deal was oversubscribed is a testimony to the trust and confidence of the international investor community in ibq, and more broadly, in Qatar’s economic outlook. The transaction was our first fund raising in global capital markets, which made it more challenging. Yet, having been in existence for six decades, ibq is well known in financial circles for its stability, conservative approach and focus on service quality. This was key in making our bond a success.”

The notes were issued by IBQ Finance Limited, a wholly-owned ibq subsidiary in the Cayman Islands. The bond, which is the first public bond issue by ibq is listed on the Irish Stock Exchange and has been rated “A2” by Moody’s and “A+” by Fitch.

The issue was jointly managed by Citigroup, QNB Capital and Standard Chartered Bank. UNB was co-lead manager.