Qatar launches US$5.5bn loan into crowded market

摘要

The government of Qatar has launched a US$5.5bn loan into general syndication, becoming the latest Gulf borrower to hit the market as countries, banks and corporates in the region seek to lock in cash before the year-end. Qatar's five-year loan offers all-in pricing of 90bp over Libor. The country had initially hoped to raise up to US$10bn with pricing of around 80bp, but had to revise expectations against a backdrop of tightening liquidity and an upward trend in pricing in the region as the large number of Middle East deals began to saturate the market. Bank ofTokyo-Mitsubishi UFJ, Mizuho, SMBC, Deutsche Bank, Barclays and Qatar National Bank are arranging the loan and as it now stands Qatar is expected to successfully conclude the deal by the end of December, bankers said, with any market uncertainty already factored into the smaller deal size.