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Qatar, acting through its Ministry of Finance, has launched initial price talk (IPT) for a dual-tranche US dollar-denominated offering comprising a 3-year senior unsecured conventional bond and a 10-year senior unsecured sukuk.
The 3-year conventional bond is being talked at around US Treasuries plus 45 basis points, while the 10-year sukuk is guided at UST+55 bps.
Global coordinators for the offering include Deutsche Bank, Goldman Sachs International, QNB Capital, and Standard Chartered Bank. The joint lead managers span a wide syndicate including Santander, Citi, Emirates NBD Capital, ICBC, IMI-Intesa Sanpaolo, SMBC, Dubai Islamic Bank, ICDPS, KFH Capital, and others.
Both tranches are benchmark-sized and carry expected ratings of Aa2 (Moody’s), AA (S&P), and AA (Fitch), in line with the sovereign’s long-term issuer ratings. The transaction is being marketed under Rule 144A/Reg S format
The sukuk is structured under Ijara/Murabaha, and both tranches are expected to settle on 10 November 2025, with maturities on 10 November 2028 for the bond and 12 November 2035 for the sukuk.
The securities will be listed on the London Stock Exchange’s Main Market.
The issuance is conducted under Qatar’s Global Medium Term Note Programme and Trust Certificate Issuance Programme, with books opening on Monday.
Earlier this year in February, Qatar raised $3 billion in a dual-tranche issuance with tight pricing.
(Writing by Brinda Darasha; editing by Seban Scaria)
