Qatar sold the largest dollar-denominated Islamic bond ever seen on Wednesday, taking advantage of heavy interest in high-grade Gulf debt, which is being sought as a safe haven from the global financial crisis.
The world's top liquefied natural gas exporter priced a $4 billion, two-tranche sukuk, attracting a massive order book of over $24 billion. It was the Qatari government's first Islamic debt issue for nine years.
The five- and 10-year tranches of the sukuk were each $2 billion in size. Qatar was able to sell the debt very cheaply: the five-year tranche carried a yield of 2.099 percent and the 10-year tranche sold at 3.241 percent, lead arrangers said.
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