Name of borrower: Qatar Islamic Bank (QIB)
Amount: $500 million
Tenor: Five years
Underwriters: HSBC, Standard Chartered Bank, Bank ABC, Dukhan Bank, KFH Capital, MUFG, QInvest, QNB Capital, SMBC Nikko, The Islamic Corporation
Date: November 15, 2023
Qatar Islamic Bank’s (QIB) $500 million, five-year sukuk is the Islamic finance deal of the year in Qatar.
This was the first bank issuer from Qatar to access the dollar market through a public offering since July 2021, and this deal played a pivotal role in unlocking the foreign market for other Qatari entities.
It attracted strong demand, and the orderbook exceeded $3.3 billion, some 6.6 times oversubscribed and the highest orderbook for a senior sukuk since June 2020.
The price tightened from 155 basis points over treasuries to 115bp as a result.
HSBC and Standard Chartered Bank acted as joint global coordinators, with Bank ABC, Dukhan Bank, KFH Capital, MUFG, QInvest, QNB Capital, SMBC Nikko, The Islamic Corporation for the Development of the Private Sector serving as joint bookrunners and joint lead managers.