Qatar Looks to Raise More Than $5 Billion With ‘Dream’ Eurobond - Bloomberg:
Qatar, the world’s biggest exporter of liquefied natural gas, is selling a Eurobond to bolster its finances, as developing-nation borrowers start to issue again following last month’s turmoil in global markets.
The Gulf monarchy, rated AA- by S&P Global Ratings, is marketing five-, 10- and 30-year notes and aiming to raise more than $5 billion, said people with knowledge of the matter, who asked not to be identified.
The government is offering a hefty premium to its existing bonds, with initial price talk on the longest tranche set at 4.75%. That compares with a yield of 4.05% on Qatar’s $6 billion of notes maturing in 2048. Israel, rated the same by S&P, issued $5 billion last week that included a 30-year portion paying 3.875%.
“Qatar is double-A rated and now offers yield which we could only dream of a couple months back,” said Carl Wong, head of fixed income at Avenue Asset Management Ltd. in Hong Kong.
Qatar, the world’s biggest exporter of liquefied natural gas, is selling a Eurobond to bolster its finances, as developing-nation borrowers start to issue again following last month’s turmoil in global markets.
The Gulf monarchy, rated AA- by S&P Global Ratings, is marketing five-, 10- and 30-year notes and aiming to raise more than $5 billion, said people with knowledge of the matter, who asked not to be identified.
The government is offering a hefty premium to its existing bonds, with initial price talk on the longest tranche set at 4.75%. That compares with a yield of 4.05% on Qatar’s $6 billion of notes maturing in 2048. Israel, rated the same by S&P, issued $5 billion last week that included a 30-year portion paying 3.875%.
“Qatar is double-A rated and now offers yield which we could only dream of a couple months back,” said Carl Wong, head of fixed income at Avenue Asset Management Ltd. in Hong Kong.
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