Qatar’s Doha Bank prices $500M bond
Doha Bank priced a $500 million bond on Wednesday through arrangers Morgan Stanley and JP Morgan at the tighter end of guidance, indicating strong demand for the issue.
March 8, 2012 3:38 by Reuters
The lender, which is Qatar’s fifth largest by market value, priced the five-year bond at a spread of 262.5 basis points over midswaps. The bond carries a coupon of 3.5 percent.
Earlier on Wednesday, price guidance was revised to a range of 262.5-275 basis points over midswaps, having tightened significantly from the initial price whisper of 287.5 basis points, due to strong investor demand.
Doha Bank is the second Qatari lender to tap global debt markets this year after Qatar National Bank issued a $1 billion bond in February. (Reporting by Rachna Uppal; Editing by Dinesh Nair)