Commercial Bank of Qatar (CBQ) is in talks with banks about a potential international bond issue that will most likely be denominated in US dollars, sources familiar with the matter said.
If the deal goes ahead, CBQ would join a growing number of banks from the region tapping the international debt markets this year with the aim of improving capital reserves and boosting capital ratios to counter the impact of lower international oil prices.
CBQ, the Gulf Arab state's third-largest bank by assets, is looking at a benchmark-sized transaction, which conventionally means upwards of $500m, the sources said. CBQ declined to comment.
A US dollar-denominated bond issue is considered the most likely option, but the bank is also looking at issuing in Chinese renminbi, one of the sources said.
In March last year, CBQ got shareholder approval to issue bonds up to $1.5bn under a euro medium-term note programme. This envisaged the possibility of issuing bonds denominated in a number of currencies including dollars, yen and Swiss francs.
CBQ issued in June last year a $750m five-year bond through its subsidiary CBQ Finance, a special purpose vehicle
incorporated in Bermuda and established to raise capital for the Qatari bank through bond sales.
That bond, arranged by Citi, HSBC, Morgan Stanley and National Bank of Abu Dhabi, has a 3.25 percent coupon and was yielding 3.32 percent yesterday.
The debt was issued under an existing $5bn euro medium-term note programme. CBQ launched a five-year turnaround plan last November.
Commercial Bank yesterday announced that it has been awarded the ‘Best Small Franchise in Europe, Middle East and Africa’ by Diners Club International at an exclusive event in Switzerland attended b
The Board of Directors of The Commercial Bank , yesterday announced the appointment of Zafer Kurtul and Turgay G?nensin to the roles of non-executive directors at Alternatifbank (“ABank”). ABank is
Commercial Bank has posted a net profit of QR179.6mn for the first half of 2017, the bank announced yesterday. The bank’s half yearly net profit decreased 62.8% compared to the QR484mn recorded in t
Avid Apple consumers will have to wait until later next month to order the new iPhone X but etisalat announced on Friday that it will begin offering the new generation iPhone 8 starting Saturday, Sep
HSBC Saudi Arabia successfully led the execution of the first accelerated bookbuilding (ABB) process in the Kingdom with the sale of 16,000,000 shares in Almarai Company. The sale represents a 2 perc
The Company for Cooperative Insurance (Tawuniya) has launched a comprehensive private motor insurance program. Al-Shamel program offers vehicle owners an insurance cover for any accidental loss or da
Materials makers A. Schulman Inc. and Saudi Basic Industries Corp. each recently won awards for their customer service and for the quality of their materials.
Fairlawn, Ohio-based Schulman
Emirates NBD inspires more customer loyalty than other UAE banks and has the highest trust levels in the country according to a new report released on Thursday.
The Bank Brands Customer Loya