April 12, 2018 / 5:52 AM / in 8 months

Qatar markets three-tranche US dollar bond - IFR News

HONG KONG, April 12 (IFR) - The State of Qatar, acting through its Ministry of Finance, is marketing a US dollar sovereign bond in three tranches.

The sovereign has set initial price thoughts of Treasuries plus 170bp area for a five-year tranche, plus 200bp area for a 10-year and plus 230bp area for a 30-year.

The benchmark 144A/Reg S issue is expected to price today and comes with expected ratings of Aa3/AA-/AA-.

It is Qatar’s first foray into the international bond markets since a spat with its Gulf neighbours erupted last year.

Al Khaliji, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, QNB Capital and Standard Chartered Bank are bookrunners on the five-year and 10-year tranches.

Deutsche Bank Taipei branch and Standard Chartered Bank (Taiwan) are bookrunners on the 30-year piece.

The five-year and 10-year notes will be listed on Luxembourg Stock Exchange, while the 30-year paper will be listed on both Luxembourg Stock Exchange and Taipei Exchange.

Al Khaliji, Barclays, Credit Agricole, Credit Suisse and QNB Capital are structuring agents.

Qatar was last in the bond market in June 2016, when it raised $9 billion from a similar, three-tranche issue at five, 10 and 30 years.

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