Doha, Qatar – Doha Bank has successfully issued $500 million in international bonds, garnering a total order book of $2 billion, marking an oversubscription of 4 times. The investor base includes prominent asset managers, banks, private banks, and insurance companies from the United States, Europe, Asia, and the Middle East.
The achievement follows an extensive marketing campaign by Doha Bank’s management, engaging with investors globally to present the bank’s objectives and performance overview. The positive response from investors reflects confidence in Doha Bank’s future prospects and the robust fundamentals of the Qatari economy. The bank was able to price a competitive credit spread of 130 basis points above the 5-year US Treasury yield, surpassing the initial price guidance by 30 basis points.
Sheikh Fahad bin Mohammed bin Jabor Al-Thani, Chairman of Doha Bank’s Board of Directors, emphasized the significance of the issuance amid the bank’s ambitious strategic transformation program. Meanwhile, Sheikh Abdulrahman bin Mohammed bin Jabor Al-Thani, Managing Director of Doha Bank’s Board of Directors, said that the success of the transaction underlines investors’ positive perception of the bank’s strategic changes.
CEO of Doha Bank, Sheikh Abdulrahman bin Fahad bin Faisal Al-Thani, highlighted that the issuance marked the bank’s lowest credit spread and stressed the importance of capital markets in Doha Bank’s funding strategy. The bank plans to continue diversifying its funding sources and leveraging new liquidity avenues to support its future plans.
Doha Bank, rated (A-) with a positive outlook by Fitch and (Baa1) with a stable outlook by Moody’s, issued these bonds under its $2 billion Euro Medium Term Note Program listed on the London Stock Exchange. The successful issuance follows a similar $500 million bond issuance by Doha Bank in March 2021.