Qatar National Bank SAQ, the Gulf country's biggest bank by assets, may raise about a $1 billion from a bond sale as it seeks longer-term money to fund growth.
The state-controlled lender said Aug. 29 it set up a $7.5 billion euro medium-term note program and hired Barclays Plc, HSBC Holdings Plc and QNB Capital to manage the sale. The money raised would be used for "normal operations," it said.
The maturity of Qatar National's loans is much longer than the duration of its customer deposits and it's likely to try and close that gap, Raj Madha, a Dubai-based analyst at Rasmala Investment Bank Ltd., said in a telephone interview yesterday. "They're well supported by the government, their business is pretty secure, they have a lot of capital and I would expect them to issue debt at a pretty good rate."
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