#Qatar National Bank sells $1 billion in five-year bonds - document | Reuters

Qatar National Bank sells $1 billion in five-year bonds - document | Reuters

Qatar National Bank, the Gulf’s biggest lender, sold $1 billion in five-year bonds at 95 basis points (bps) over mid-swaps after attracting more than $2.5 billion in orders for the debt sale, a document showed on Tuesday.

It had given initial price guidance of around 120 bps over mid-swaps earlier on Tuesday, another document also from one of the banks arranging the deal showed.

The deal comes as Gulf borrowers line up debt issues following the lull around the U.S. elections and winter holidays.

Bahrain and Saudi Arabia’s biggest lender National Commercial Bank (NCB) are both expected to tap the international debt markets this week.

NCB is seeking to raise $1 billion with its planned sale of U.S. dollar-denominated Tier 1 sukuk, or Islamic bonds, two financial sources said.