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Thu 11 Oct 2012 02:55 PM

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Qatar's QIIB to price $700m sukuk Thursday

Five-year Islamic bond launched at a spread of 190 basis points over midswaps

Qatar's QIIB to price $700m sukuk Thursday
Qatar International Islamic Bank (QIIB) launched a US$700m sukuk on Thursday, arranging banks said.

Qatar International Islamic Bank (QIIB) launched a US$700m sukuk on Thursday, arranging banks said, at the lower end of revised price guidance in a reflection of healthy demand for the deal.

The five-year Islamic bond was launched at a spread of 190 basis points over midswaps. Price guidance was earlier set at between 190-195 over midswaps, tighter than indicated, with order books reportedly at US$2.7bn on Wednesday afternoon.

HSBC, Standard Chartered and QNB Capital are mandated arrangers on the deal. Investor meetings concluded in London on Wednesday.

QIIB's sukuk would follow an issue from Qatar Islamic Bank earlier this month, which raised US$750m at a profit rate of 2.5 percent.