Commercial Bank of Qatar launches $750 mln bond, pricing at tight end

DUBAI, June 17 Tue Jun 17, 2014 8:48am EDT

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DUBAI, June 17 (Reuters) - Commercial Bank of Qatar has launched a $750 million, five-year bond offer that will price later on Tuesday, with pricing at the tight end of guidance because of strong investor demand.

The transaction is set to price at a spread of 117 basis points over mid-swaps, a document from lead managers said, at the tight end of a revised range of 117-120 bps over the same benchmark given earlier on Tuesday.

Pricing was revised twice on Tuesday, with initial guidance given as in the area of 135 bps before it was changed to 120-125 bps over the benchmark.

Investor orders worth more than $3 billion have been placed for the transaction, an earlier update from lead managers said.

Bank of America-Merrill Lynch, HSBC and Morgan Stanley are arranging the bond sale. (Reporting by Archana Narayanan; Writing by David French; Editing by Andrew Torchia)

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