DUBAI: Qatar Islamic Bank (QIB) sold $750 million in five-year sukuk, or Islamic bonds, on Tuesday and received over $2.2 billion in orders for the debt sale, a document showed.
QIB sold the bonds at 155 basis points (bps) over mid-swaps, tightening 30 bps from where it began marketing them earlier on Tuesday, the document from one of the banks arranging the deal showed.
The deal comes amid a barrage of bond sales from the Gulf, as issuers seek to shore up their finances that have been dented by cheap oil and the coronavirus crisis.
Oman is expected to issue its first international bonds of the year this week and its state oil company OQ has hired banks for an issuance. Abu Dhabi state-owned Etihad Airways is also planning a 'transition bond' and Saudi-based Arab National Bank has hired banks for a dollar sukuk sale.
Standard Chartered, QInvest, Citi, Credit Agricole, Dukhan Bank, HSBC and QNB Capital arranged QIB's sukuk sale.
QIB sold the bonds at 155 basis points (bps) over mid-swaps, tightening 30 bps from where it began marketing them earlier on Tuesday, the document from one of the banks arranging the deal showed.
The deal comes amid a barrage of bond sales from the Gulf, as issuers seek to shore up their finances that have been dented by cheap oil and the coronavirus crisis.
Oman is expected to issue its first international bonds of the year this week and its state oil company OQ has hired banks for an issuance. Abu Dhabi state-owned Etihad Airways is also planning a 'transition bond' and Saudi-based Arab National Bank has hired banks for a dollar sukuk sale.
Standard Chartered, QInvest, Citi, Credit Agricole, Dukhan Bank, HSBC and QNB Capital arranged QIB's sukuk sale.
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