PHOTO
QNB AS, the Turkish subsidiary of Qatar National Bank, has raised $500 million for its no-grow five-year Regulation S, senior unsecured Eurobond, which saw the price tightened to 5.875% from IPTs in the 6.5% area.
The bond was launched with a 6% yield and a 99.461 reoffer price.
The orderbook peaked to $2.1 billion at launch, excluding JLM interest, before settling at $1.65 billion.
The Turkish bank, rated Ba2 (Stable) by Moody’s / BB- (Stable) by Fitch, expects the issuance to be rated BB- by Fitch.
The bond will come under the lender’s $5 billion Global Medium Term Note Programme, with a Euronext GEM listing.
Citi, Doha Bank, Emirates NBD Capital, HSBC, Mashreq, QNB Capital, Societe Generale, Standard Chartered Bank are the joint bookrunners.
QNB AS, formerly Finansbank AS, became a part of the QNB Group in 2016 following the Qatari lender acquiring a 99.81% stake in the bank.
(Writing by Bindu Rai, editing by Daniel Luiz)
