Banking & Finance Qatar Islamic Bank sukuk three times oversubscribed By Pramod Kumar September 11, 2024, 5:51 AM 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. NewsletterGet the Best of AGBI delivered straight to your inbox every week 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. Qatari company launches first local currency sukuk The bullish case for the GCC’s sovereign bonds and sukuk Regional debt issuance boosts Islamic bond take-up 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.