QIB Issues 5 Year $750 million at profit rate of 2.754%

Qatar Islamic Bank priced a highly successful USD 750 million 5-year RegS only Sukuk offering. The Sukuk was issued at par with a profit rate of 2.754%, representing a spread of 135bps over 5-year mid-swaps.

The Sukuk came on the back of comprehensive set of global investor meetings conducted in Singapore, UAE and London. The final orderbook closed in excess of USD 1.75 billion, representing an oversubscription of 2.33 times from 105 accounts.

Mr. Bassel Gamal , QIB Group CEO commented on this issuance: “We are very pleased to see that our return to the international debt capital markets was met by strong reception. The success of the Sukuk is attested to by the strong investor interest, which resulted in an orderbook in excess of US$ 1.75 billion, more than 2.33 times of the offered amount. This highlights the continued strong support and confidence of international, regional and local investors in the fundamentals of Qatar””s economy, its strong banking sector and Qatar Islamic Bank’s underlying credit quality. We are proud to have effectively re-opened the primary credit market for regional banking sector after an inactive period of last three months.”

Qatar Islamic Bank Sukuk Programme

QIB has issued a number of sukuk, most recently in June 2015 with a local currency issuance of 2 billion riyals. Its last US dollar issuance was in October 2012 with a $750 million issuance for which it achieved a 2.5% profit rate. QIB also issued US dollar sukuk in October 2010 with a $750 millionissuance. Full sukuk details including prospectuses and other information can be found at sukuk.com.