April 12, 2018 / 2:58 PM / 14 days ago

State of Qatar primed for US$12bn triple-tranche deal

LONDON, April 12 (IFR) - The State of Qatar is expecting to raise US$12bn in a triple-tranche bond offering, according to a lead.

The sovereign has revised pricing on a five-year note to US Treasuries plus 135bp. The note was originally marketed at plus 170bp area.

Qatar has set final guidance for a 10-year tranche at US Treasuries plus 170bp. The tranche was first marketed at plus 200bp area.

Pricing for a 30-year bond has been revised to US Treasuries plus 205bp. The bond was initially marketed at plus 230bp area. This leg is expected to be the largest.

The combined order books are over US$53bn, including lead interest, with a skew to the 30-year.

Al Khaliji, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, Mizuho Securities, QNB Capital and Standard Chartered are joint leads and books. (Reporting by Robert Hogg, editing by Alex Chambers)

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