#Qatar's Commercial Bank plans to raise at least $1 bln via bond sales - CEO | Reuters

Qatar's Commercial Bank plans to raise at least $1 bln via bond sales - CEO | Reuters

Qatar’s Commercial Bank is planning to raise at least $1 billion through bond issues in the coming months, Chief Executive Joseph Abraham said, as the bank looks to take advantage of positive market conditions to boost its capital.

It plans to issue its debut international additional tier 1 bonds in the first quarter, aiming to raise between $500 million and $650 million, depending on market appetite.

On top of that, probably at the end of the quarter, it plans to issue senior bonds worth $500-$600 million, Abraham said.

“We’re seeing if we can diversify the investor base in our bonds, and also the tenor ... because I think this is a good time to look at maybe extending the tenor for some portions of the bonds,” he said in an interview.

This week the bank reported a 35.6% annual drop in net profit for 2020 but expects business conditions to improve this year amid the vaccines roll out and a rebound in energy prices.