DOHA: Qatar Islamic Bank (QIB), rated A- S&P / A+ Fitch (both stable outlook), priced a highly successful $750m 5-year RegS only sukuk offering. The sukuk was issued at par with a profit rate of 2.754 percent, representing a spread of 135bps over 5-year mid-swaps. The sukuk came on the back of comprehensive set of global investor meetings conducted in Singapore, UAE and London. The final order book closed in excess of $ 1.75bn, representing an oversubscription of 2.33 times from 105 accounts.
Bassel Gamal , QIB Group CEO, said: “We are very pleased to see that our return to the international debt capital markets was met by strong reception. The success of the sukuk is attested to by the strong investor interest, which resulted in an orderbook in excess of $1.75bn, more than 2.33 times of the offered amount. This highlights the continued strong support and confidence of international, regional and local investors in the fundamentals of Qatar’s economy, its strong banking sector and Qatar Islamic Bank’s underlying credit quality.”
