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Qatar’s Commercial Bank PSQC, rated A2 by Moody’s (stable), A- by S&P (stable) and A by Fitch (stable), has raised $500 million through its perpetual non-call fixed rate resettable 5.5-year AT1 Capital Securities issuance, priced at par to yield 6.25% semi-annual coupon and a reset spread of 265.6bps.
IPTs on the no-grow benchmark issuance were in the 6.75% area.
At final terms, books were in excess of $1.5 billion, excluding JLM interest.
BofA Securities, DBS Bank Ltd, HSBC, Mashreq, Santander and SMBC have been appointed as joint lead managers and joint bookrunners to arrange a series of fixed income investor calls.
The Regulation S Category 2 issuance will list on Euronext Dublin.
Qatar’s sovereign wealth fund, the Qatar Investment Authority, owns a 16.05% stake in the bank, according to LSEG data.
The bank last issued debt in September through a $600 million five-year senior unsecured bond at a spread of 100bps over mid-swaps, with a 4.625% coupon and a final reoffer yield of 4.689% per annum.
(Writing by Bindu Rai, editing by Seban Scaria)
