Qatar Issues $7 billion – Didn’t see this coming (Re-post)

Qatar will be issuing $7 billion of bonds instead of the expected $5 billion

$3.5 billion in the 5year tranche @ T+185 bps (revised down further from this mornings revisions of +190)

$2.5 billion in the 10 year tranche @ T+195 bps (in line with this morning)

$1 billion in the 30 year tranche @ T+215 bps (in line with this morning)


Allocations out in the next 30-45 minutes

Participants in the grey market are scratching their heads wondering what's going on – very quiet

*** LAUNCHED *****

ISSUER : State of Qatar

RATINGS : Aa2 / AA- (Stable/Stable)

TOTAL SIZE : $7.0 Billion Total

SECURITY/FORMAT : Senior Fixed Rate, 144a/Reg S (No Reg Rights)

TRANCHE SIZE : $3.5 Billion $2.5 Billion $1.0 Billion

MATURITY : Jan 20, 2015 Jan 20, 2020 Jan 20, 2040

LAUNCH : T+185bp T+195bp T+215bp

BOOKRUNNERS : BARCLAYS/CS/GS/JPM/QNB (*BARC B&D*)

MINIMUM DENOMS : $100,000 by $1,000

MAKE-WHOLE CALL : T + [50]bp

SETTLE/1st Pay : November 24, 2009 (T+5) / January 20, 2010END