|09 January, 2019

Qatar National Bank raising $2.29bln loan - LPC

Banca IMI, Credit Agricole, Societe Generale and UniCredit are the mandated lead arrangers and bookrunners of the new facility.

Cars are parked outside the building of Qatar National Bank in Doha,

Cars are parked outside the building of Qatar National Bank in Doha,

REUTERS/Stringer

DUBAI  - Qatar National Bank (QNB), the largest bank by assets in the Middle East and Africa, is raising a 2 billion euro ($2.29 billion) syndicated loan, according to LPC, a fixed income news service that is part of Refinitiv.

The loan would replace a 2.25 billion euro-denominated loan obtained in May 2016 which matures in May, sources familiar with the matter told Reuters in September.

Banca IMI, Credit Agricole, Societe Generale and UniCredit are the mandated lead arrangers and bookrunners of the new facility. Industrial and Commercial Bank of China and ING are also participating with senior roles before the deal is syndicated to other banks.

The three-year loan offers an interest margin of 90 basis points over Euribor, according to LPC.

QNB, which did not immediately respond to a request for comment, is 50 percent owned by Qatar’s sovereign wealth fund Qatar Investment Authority.

The bank is a regular borrower in the international syndicated loan market. Over the past three years it has raised over $7 billion in loans.

($1 = 0.8728 euros)

(Reporting by Davide Barbuscia; Editing by Mark Potter) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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