July 4, 2020

US$ 500 million IBQ first bond met with positive response from investors

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ibq_main_branch_-_CopyInternational Bank of Qatar (ibq) announced the successful closing of a debut 5-year, USD 500 million bond issuance under its USD 2 billion dollar  Euro Medium Term Note (EMTN) program.  The deal, which evoked strong response from international, regional and local investors, was oversubscribed.

Omar Bouhadiba, Managing Director at ibq said: “We are extremely pleased that our first bond issuance was met by such a positive response. Market conditions are today particularly difficult, and the fact that our deal was oversubscribed is a testimony to the trust and confidence of the international investor community in ibq, and more broadly, in Qatar’s economic outlook. The transaction was our first fund raising in global capital markets, which made it more challenging. Yet, having been in existence for six decades, ibq is well known in financial circles for its stability, conservative approach and focus on service quality. This was key in making our bond a success.  

The notes were issued by IBQ Finance Limited, a wholly owned ibq subsidiary in the Cayman Islands and unconditionally guaranteed by ibq.

The bond, which is the first public bond issue by ibq is listed on the Irish  Stock Exchange and has been rated “A2” by Moody’s and “A+” by Fitch.

The issue was jointly managed by Citigroup, QNB Capital and Standard Chartered Bank. UNB was co-lead manager.

IMAGE: International Bank of Qatar

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