The scarcity of Qatari paper in the market allowed commercial bank of qatar to print a new US$750m 2.875% 2019 trade at a minimal pick-up over the Gulf state's biggest bank, QNB. The lender, rated A1/A-/A, priced the five-year senior unsecured note at 99.497 to yield 2.984%. The final spread was 117bp over mid-swaps, well inside initial levels of the 135bp area over. Sentiment towards the Gulf in general has been extremely favourable this year, but Qatari lenders have largely stayed away from the international bond markets. The combination of a hot market and the issuer's rarity value helped CBQprice at tight levels. "Qatari and UAE names have been well-bid this year. Qatar is a smaller market and I think that is reflected in the volume of issuance, and that factor certainly helped. The final order book was north of US$3bn," a lead banker said.
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