QIIB Chairman and Managing Director, Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani
QIIB, one of Qatar’s leading Shariah-compliant banking and financial services providers has successfully concluded issuing of additional Tier l Perpetual Sukuk of $300m, with the order book exceeding $2.6bn (9 times oversubscribed), indicating investors’ increasing confidence in the lender.
Sheikh Dr. Khalid bin Thani bin Abdullah Al Thani, Chairman and Managing Director of QIIB, expressed his satisfaction with the Bank’s success in issuing additional Tier l Perpetual Sukuk of $300m, which will be listed on the London Stock Exchange.
Sheikh Dr. Khalid said: “Certainly, this success is attributable primarily to the strength of the Qatari economy, which enjoys great confidence on a global scale and to the excellent management of Qatar Central Bank in supervising the banking sector.”
He expressed his satisfaction with the popularity of QIIB Sukuk among investors from around the world as it provided assurances and indications that the fallout of the blockade was behind us and that we were able to earn great global confidence.
Sheikh Dr. Khalid thanked the QIIB management team, which oversaw the issuance of Sukuk and assured that the Bank will continue to implement its strategic plans to enhance its position on all levels.
QIIB Chief Executive Officer, Dr. Abdulbasit Ahmad Al Shaibei said, the demand on our Sukuk exceeded expectations from investors, and includes more than 122 institutions from more than 22 countries where the order book exceeded 9 times over subscribe, and that reflects confidence in the bank in particular, and the Qatari economy in general.
The issue was priced at fixed rate of 4.875 percent per annum, and this is the lowest pricing ever of this AT1 from the GCC.
“This is the first time that a Qatari bank has issued additional Tier one eligible as capital Sukuk in the international market.
We are proud to develop the capital markets in Qatar to align it with the international markets.The bank enjoys a solid reputation for its strong financial position and a high rating by leading international credit rating agencies. This reflects the confidence of investors in the Qatari economy and the QIIB financial performance.This is the second time this year that QIIB has been very successful in issuing a Sukuk and obtaining highly competitive pricing.
“The new Sukuk will help the bank to strengthen its financial position and implement its future strategic plans. It will also help us strengthen our presence in the global financial markets and deepen ties with investors and institutions from around the world.”
The CEO expressed his thanks to the banks that have arranged the issue, namely QNB Capital, Barwa Bank, Kuwait International Bank, QInvest and Standard Chartered Bank.
The announcement of the successful issuance follows a successful roadshow by QIIB management team in East Asia and the UK, during which the Bank team held a series of meetings with investors, followed by the issuance of a AT1 Sukuk.
