UPDATE 1-Qatar lender Al Khaliji prices debut $500 mln bond -leads
* Qatari bank prices debut bond
* $500 mln bond at 99.575 with 3.25 pct coupon, spread of 180 bps of m/s (Adds pricing details, context)
DUBAI Oct 9 (Reuters) - Qatar's Al Khaliji Commercial Bank completed its maiden international bond on Wednesday, pricing a $500 million five-year offering, a document from lead managers said.
The Gulf state's sixth-largest lender by market value issued the bond with a coupon of 3.25 percent and a reoffer price of 99.575, the document said.
The transaction's spread of 180 basis points over midswaps was well inside the initial guidance of 195 bps over the same benchmark given on Tuesday, indicating healthy demand for the transaction.
Qatari banks have enjoyed strong profitability in recent quarters on the back of lending growth linked to the Gulf Arab state's development plan, which has seen billions of dollars deployed into infrastructure projects, and the resultant boost to the wider economy.
Qatar National Bank, the nation's largest lender and bellwether for the local banking sector, missed the average forecast of analysts but still reported a 14.3 percent increase in third-quarter net profit on Tuesday.
Al Khaliji is due to report third-quarter numbers on October 29, according to its website.
BNP Paribas, HSBC Holdings, the investment banking arm of Qatar National Bank and Standard Chartered arranged the Al Khaliji transaction, which is expected to be rated A- by Fitch Ratings. (Reporting by David French; Editing by Andrew Torchia and Dinesh Nair)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image