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Qatar’s Ahli Bank has mandated banks for its offering of a 5-year fixed rate $500 million no grow USD Regulation-S senior unsecured offering which is set to follow on Tuesday, March 18, subject to market conditions.
The issuer is ABQ Finance Limited, backed by Ahli Bank, which is itself 47.71% owned by Qatar Investment Authority and its wholly owned subsidiaries.
The issuance will come under the bank's $2 billion euro medium term note (EMTN) programme.
The bank is rated A2 by Moody’s, and A by Fitch, both with a stable outlook. The potential issuance, to be listed on the Euronext Dublin, is expected to be rated A2 by Moody’s.
The bank last issued a 5-year $500 million EMTN tranche in July 2021at a coupon rate of 2%. It has so far issued five tranches as it aims to improve its maturity profile.
The proceeds from the issuance will be used for general corporate purposes.
Barclays and QNB Capital have been appointed as joint global coordinators, along with Deutsche Bank, J.P. Morgan, Mizuho and Standard Chartered Bank as joint bookrunners.
(Writing by Brinda Darasha; editing by Seban Scaria)
