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Qatar International Islamic Bank (QIIB), rated A2 by Moody’s (stable) and A by Fitch (stable), is the latest GCC bank to tap international debt markets this week.
The bank has mandated a USD five-year senior unsecured Reg S only benchmark sukuk, which will come under the Islamic lender’s $2 billion Trust Certificate Issuance Programme.
QIIB has appointed Al Rayan Investment, Bank ABC, Citi, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, Mashreq, QNB Capital and Standard Chartered Bank as joint lead managers and bookrunners to arrange a global investor call, as well as virtual calls starting Tuesday, November 4.
The sukuk is expected to be rated A by Fitch and will be listed on the London Stock Exchange’s International Securities Market.
This week has witnessed a flurry of activity from GCC banks mandating debt, with Saudi Arabia’s Alinma Bank eyeing a potential US dollar-denominated Tier 2 sukuk offering, along with Gulf International Bank – Saudi Arabia mandating its debut USD benchmark 5.5-year AT1 bond.
(Writing by Bindu Rai, editing by Seban Scaria)
