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Thu 24 Mar 2016 01:37 PM

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Shareholders of Qatar's CBQ approve $1.5bn bond programmes

Commercial Bank of Qatar says bonds are to be listed in global markets, maximum maturity of 30 years

Shareholders of Qatar's CBQ approve $1.5bn bond programmes

Shareholders of Commercial Bank of Qatar have approved the issuance of up to $1.5 billion in bonds under a euro medium-term note programme, the country's third-largest bank by assets said on Thursday.

The bonds, which are to be listed in global markets and have a maximum maturity of 30 years, could be issued in currencies including the dollar, yen and Swiss franc, the bourse statement said.

Shareholders at the bank's annual general meeting also approved the launch of a global medium-term notes programme to allow for the issuance of bonds to US investors worth up to $2 billion or its equivalent in Qatari riyals, with a maximum maturity of 30 years.

The shareholders also agreed to the bank issuing up to 2 billion riyals of bonds to boost the bank's core, Tier 1 capital.

The bank this month raised 2 billion riyals ($549.3 million) in additional Tier 1 perpetual capital notes.

It wasn't clear in the bourse statement if the shareholders had agreed to that issuance or a potential additional one.

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