Doha: Qatar Islamic Bank priced a highly successful USD 750 million 5-year RegS only Sukuk offering. The Sukuk was issued at par with a profit rate of 2.754%, representing a spread of 135bps over 5-year mid-swaps.
The Sukuk came on the back of comprehensive set of global investor meetings conducted in Singapore, UAE and London. The final order book closed in excess of USD 1.75 billion, representing an oversubscription of 2.33 times from 105 accounts.
QIB Group CEO, Bassel Gamal commented on this issuance: “We are very pleased to see that our return to the international debt capital markets was met by strong reception. The success of the Sukuk is attested to by the strong investor interest, which resulted in an order book in excess of US$ 1.75 billion, more than 2.33 times of the offered amount.”
“This highlights the continued strong support and confidence of international, regional and local investors in the fundamentals of Qatar’s economy, its strong banking sector and Qatar Islamic Bank’s underlying credit quality. We are proud to have effectively re-opened the primary credit market for regional banking sector after an inactive period of last three months,” he added.
Originally published on www.thepeninsulaqatar.com