Qatar to Issue $9 Billion in Middle East’s Biggest Bond Sale - Bloomberg:
"Qatar is selling $9 billion of Eurobonds, marking the biggest-ever bond issue from the Middle East where governments are tapping international investors to fill budget holes left by declining oil and gas revenues.
The country is borrowing across three maturities, offering $3.5 billion in five-year notes at 120 basis points over U.S. Treasuries, the same amount in 10-year bonds at 150 basis points over Treasuries and $2 billion of 30-year paper at a 210 basis-point spread, according to a person familiar with the transaction. The amount is almost double the $5 billion that bankers close to the deal said Qatar was targeting.
The deal follows a $5 billion Eurobond from Abu Dhabi last month with Middle Eastern sales this year now amounting to almost $30 billion if Qatar’s is included. Energy-exporting nations are borrowing internationally following a halving of oil prices since 2014 which has forced some governments to raid reserves. Qatar is also in the second year of a $200 billion infrastructure upgrade ahead of hosting the 2022 soccer World Cup."
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