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Qatar Islamic Bank sukuk three times oversubscribed

By Pramod Kumar
Qatar Islamic Bank's five-year unsecured sukuk was priced at 100 bps over US Treasuries at 4.485%, the lowest rate achieved by a GCC lender Creative Commons
Qatar Islamic Bank's five-year unsecured sukuk was priced at 100 bps over US Treasuries at 4.485%, the lowest rate achieved by a GCC lender

Qatar Islamic Bank, the Gulf state’s largest Islamic lender, has raised $750 million through a new sukuk (Islamic bond) issue.

The five-year unsecured sukuk was priced at 100 basis points over US Treasuries at 4.485 percent, the lowest rate achieved by a lender in the GCC, the lender said in a statement.

The sukuk order book reached $2.2 billion, three times oversubscribed.

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There were 11 joint lead managers and joint bookrunners, including Bank ABC, Emirates NBD Capital, HSBC, Mashreq, Mizuho, QNB Capital, Q Invest, and Standard Chartered Bank.

In November, the bank raised $500 million from a five-year sukuk, which was seven times oversubscribed.

In July, S&P maintained its global sukuk issuance forecast at $160 billion to $170 billion after a good performance in the first half of 2024.

Total issuance reached $91.9 billion over the first six months of the year, up slightly from last year’s $91.3 billion. However, foreign currency issuances increased by 24 percent year on year, reaching $32.7 billion by June 30.

The main contributors were Saudi Arabia, the UAE, Oman, Malaysia and Kuwait.

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