Qatar Petroleum (QP) is set to sell its maiden yen-denominated bond this week in a deal that would raise the profile of Middle East credits among Japanese investors. But the bond may herald a trickle rather than a flood of yen issues from the Gulf.
State-owned QP aims to raise around $1 billion (Dh3.67 billion)-equivalent with a privately placed, 10-year bond guaranteed by the Japan Bank for International Cooperation (JBIC), pricing on Thursday, a source with knowledge of the deal, who declined to be named because of the matter’s sensitivity, said.
It would be a rare international offering from QP, whose only dollar-denominated deal was back in 2006. The bond would be just the third yen-denominated financial instrument known to be issued by a Gulf entity.
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