Qatar's Doha Bank plans talks on $549m bond plan

Bank says it will hold a shareholder meeting on Nov 24 to seek approval for bond issue
Qatar's Doha Bank plans talks on $549m bond plan
Doha Bank CEO, R Seetharaman.
By Reuters
Sun 10 Nov 2013 02:00 PM

Qatar's Doha Bank said on Sunday it would hold a shareholder meeting on November 24 to seek approval for a QR2bn ($549.3 million) capital-boosting bond issue.

The issue, which will happen before March 30, 2014, should the assent be given will help enhance the lender's Tier 1 - or core - capital. It will be privately placed with Qatari institutional investors, the bank said in a bourse filing.

Doha Bank said last month it planned to make the offering, which would have a perpetual tenor but would have a clause allowing the bank to redeem them after six years.

They would be issued either by Doha Bank itself or a special purpose vehicle 100 percent-owned by the bank - a necessary step if the notes were going to be Islamic bonds.

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