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Qatar Islamic Bank sells $750 million in sukuk

Credit: REUTERS/NASEEM ZEITOON

Qatar Islamic Bank (QIB) sold $750 million in five-year sukuk, or Islamic bonds, on Tuesday and received over $2.2 billion in orders for the debt sale, a document showed.

Adds launch, final spread

DUBAI, Oct 20 (Reuters) - Qatar Islamic Bank (QIB) QISB.QA sold $750 million in five-year sukuk, or Islamic bonds, on Tuesday and received over $2.2 billion in orders for the debt sale, a document showed.

QIB sold the bonds at 155 basis points (bps) over mid-swaps, tightening 30 bps from where it began marketing them earlier on Tuesday, the document from one of the banks arranging the deal showed.

The deal comes amid a barrage of bond sales from the Gulf, as issuers seek to shore up their finances that have been dented by cheap oil and the coronavirus crisis.

Oman is expected to issue its first international bonds of the year this week and its state oil company OQ has hired banks for an issuance. Abu Dhabi state-owned Etihad Airways is also planning a 'transition bond' and Saudi-based Arab National Bank has hired banks for a dollar sukuk sale.

Standard Chartered STAN.L, QInvest, Citi C.N, Credit Agricole CAGR.PA, Dukhan Bank, HSBC HSBA.L and QNB Capital QNBK.QA arranged QIB's sukuk sale.

(Reporting by Yousef Saba; Editing by Louise Heavens and Susan Fenton)

((Yousef.Saba@thomsonreuters.com; +971562166204))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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