QIIB issues $500m sukuk

QIIB issues $500m sukuk
The offering was oversubscribed six times
International Islamic
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Mubasher: Qatar International Islamic Bank (QIIB) on Wednesday announced issuing $500 million sukuk as part of its $2 billion sukuk programme.

The offering was oversubscribed six times, mainly from investors outside the Middle East, with a total value of $3.3 billion, QIIB said in a statement to the Qatar Stock Exchange (QSE).

“The issue was priced at a spread of 175 basis points over the five-year mid swaps carrying fixed coupon of 4.264% per annum,” Qatar's third largest listed Islamic bank by assets added.

A syndicate comprised of QNB Capital, Al-Khalij Commercial Bank (Al Khaliji), Barwa Bank, Boubyan Bank, Barclays Bank, MayBank and Standard Chartered Bank have arranged and offered the issue.

Earlier in February, QIIB announced starting a roadshow for meeting investors in the UK and East Asian countries.

For the full-year 2018, the Qatar-based bank’s profits rose 6% to QAR 882.14 million, against QAR 832.21 million in the prior year and the board of directors recommended distributing a cash dividend of 40% of the capital.