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Qatar National Bank (QNB), rated Aa2 Stable by Moody’s, A+ Stable by S&P, and A+ Stable by Fitch, tightened the price on its €750 million ($885 million) inaugural benchmark five-year Reg S fixed rate green bond to MS +75bps, with a 3% annual coupon rate. The re-offer yield is set at 3.144%.
The initial price thoughts for the issuance were in the range of MS+100-105bps.
Final orderbooks closed in excess of €1.7 billion, excluding JLM interest.
The senior unsecured Category 2 green bond has been issued under QNB Finance Ltd’s $30 billion Medium Term Note Programme and guaranteed by QNB.
The expected issue rating is Aa3 by Moody’s / A+ by S&P / A+ by Fitch.
The green bond will be listed on London Stock Exchange’s Main Market.
QNB intends to finance or refinance portfolio projects with the proceeds that qualify under the eligible green project categories as set out in the lender’s Sustainable Finance and Product Framework.
The bank, which is 50% indirectly owned by the Government of Qatar and is the country’s largest bank by total assets, mandated Barclays, Credit Agricole CIB, HSBC, QNB Capital, and Santander as Joint Lead Managers and Joint Bookrunners on the issuance.
(Writing by Bindu Rai, editing by Seban Scaria)
