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Qatar Islamic Bank completes $750mn sukuk issuance

Qatar Islamic Bank completes $750mn sukuk issuance
Asian investors made up 46% of the sukuk issue
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Mubasher: Qatar Islamic Bank (QIB) on Wednesday announced the completion of issuing a $750 million five-year sukuk.

Sukuk was priced at par with a profit rate of 3.982% and the order book was closed at $3.1 billion, representing 4.1 times oversubscription, according to the Qatari lender’s statement to the Qatar Stock Exchange (QSE).

Asian investors made up 46% of the sukuk issue, followed by investors from Middle East and Europe with 23% and 21%, respectively, while investors from the US and other countries were allocated 10% of the sukuk issue. 

The $750 million sukuk, part of QIB's $4 billion programme, will be listed on the Irish Stock Exchange (Euronext Dublin), the statement added.

Barclays, Barwa Bank, Boubyan Bank, Crédit Agricole CIB, QInvest, QNB Capital, and Standard Chartered Bank were joint lead managers and bookrunners of the issue, while Deutsche Bank acted as a co-manager.

For the full-year 2018, the Qatari lender’s profits rose 14.5% to QAR 2.76 billion, against QAR 2.41 billion in the prior year.

In February, QIB’s ordinary general meeting (OGM) approved a 50% cash dividend distribution at QAR 5 per share for the full fiscal year of 2018.