Qatar’s CBQ, U.A.E.’s RAKBank Raise $1.25 Billion From Bonds - Bloomberg

Qatar’s CBQ, U.A.E.’s RAKBank Raise $1.25 Billion From Bonds - Bloomberg:



"Commercial Bank of Qatar QSC, the Persian Gulf state’s second-biggest lender, and the National Bank of Ras Al-Khaimah PSC are raising a combined $1.25 billion from the sale of five-year bonds as they seek funds to expand.



CBQ is selling $750 million of securities that will be priced to yield 117 basis points over the benchmark midswap rate, according to two people familiar with the matter, who asked not to be identified because the information is private. RAKBank, the United Arab Emirates’ most-profitable listed lender last year, sold $500 million of notes priced to yield 160 basis points over five-year midswaps, the people said.



Bond sales from the six-nation Gulf Cooperation Council, which includes the U.A.E. and Qatar, have surged in June as average yields in the region are near their lowest, according to JPMorgan Chase indexes. Emirates Telecommunications Corp. (ETISALAT) raised more than $4.2 billion in the region’s biggest ever corporate bond issue to fund its acquisition of Maroc Telecom."



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