Qatari company to issue rated sukuk

Qatar Real Estate Investment Company (QREIC) is to become the first Qatari corporate to issue a rated sukuk.

It is only the second corporate sukuk to be issued from Qatar, following QREIC's unrated issue last year.

QREIC has been rated A2 by Moodys Investors Service and BBB+ by Fitch.

HSBC has been given the mandate of sole lead manager and bookrunner for the issue, which will be listed in London.

"This is an important mandate for HSBC. It moves Qatar up a level in terms of sophistication of financing, and it reinforces HSBC's position at the forefront of the regional Islamic debt issuance market. We expect to see strong investor interest in this issue, and we expect more corporates in Qatar to follow QREIC's example,"  said Declan Hegarty, HSBC's regional head of capital markets.

HSBC will lead QREIC on an investor roadshow to Abu Dhabi, Dubai, Bahrain, Singapore, Kuala Lumpur, and London, and market demand will be used to determine the pricing and size of the issue.

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