Qatar sells $1.26bn in bonds, sukuk

18/08/2016 05:36 AST

Qatar's central bank sold SR4.6 billion ($1.26 billion) of conventional and Islamic government bonds on Tuesday in its first domestic government bond offer this year, a central bank official told Reuters on Wednesday.

The central bank sold a total of SR3 billion of conventional bonds, including SR1.5 billion of three-year bonds at a fixed rate of 2.25 percent, SR1 billion of five-year debt at 2.75 percent, SR250 million of seven-year debt at 3.25 percent and SR250 million of 10-year debt at 3.75 percent. In addition, it sold SR1.6 billion of sukuk.

"The demand was fine and most banks participated," said the official, who added that bids by banks for conventional bonds had exceeded the amount offered by 50 million riyals, and for sukuk by SR2.4 billion.

"It is a good sign and shows liquidity in the system is okay," he said, adding that another issue was possible next month. He did not elaborate.

Reduced state revenues due to low natural gas prices cut flows of new petrodollars into Qatar's banking system this year, pushing money rates up sharply and causing the central bank to cancel several monthly sales of short-term bills.

Since June, however, money rates have come off their highs and liquidity has improved somewhat along with a rise in government deposits at commercial banks.


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