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Qatar International Islamic Bank (QIIB), rated A2 by Moody’s (stable) and A by Fitch (stable), tightened the price on its $500 million five-year senior unsecured benchmark sukuk to +85 basis points over US Treasuries from initial price thoughts in the T+125bps area.
The Eurobond has a 4.50% coupon, with a 99.787 reoffer price and a 4.548% yield.
The orderbook closed at $1.85 billion, excluding JLM interest.
The Reg S sukuk will come under the Islamic lender’s $2 billion Trust Certificate Issuance Programme, rated A by Fitch.
It will be listed on the London Stock Exchange’s International Securities Market.
Al Rayan Investment, Bank ABC, Citi, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, Mashreq, QNB Capital and Standard Chartered Bank are joint lead managers and bookrunners on the deal.
(Writing by Bindu Rai, editing by Daniel Luiz)
