Qatar National Bank (QNB), the largest listed lender in the Gulf Arab region, plans to issue a benchmark-sized, dual-tranche bond denominated in U.S. dollars and has mandated five banks to arrange the sale, a document from lead arrangers showed.
QNB will issue three-year floating rate notes with initial price thoughts at 140 basis points over the three-month London Interbank Offer Rate (LIBOR), the document showed.
A five-year, fixed-rate tranche has initial pricing guidance of 155 bps over midswaps. Benchmark-sized offerings are typically at least $500 million in size.
The lender has mandated HSBC Holdings, Standard Chartered, J.P. Morgan Chase Inc, Royal Bank of Scotland and its own investment banking arm for the sale.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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