RLPC-Qatar National Bank seeks $1.5 bln loan-bankers
LONDON, Oct 2 (Reuters) - Qatar National Bank QNBK.QA (QNB) is looking to secure a $1.5 billion loan, banking sources close to the situation said on Thursday.
The sources said market conditions will mean the borrower will have to rely on its relationship lenders for support and the facility would have to be structured as a club loan to minimise syndication risk.
One banker added it remains to be seen whether the facility can be put together given the current turmoil in the market and scarce liquidity.
Qatar National Bank's previous deal -- a $1.85 billion loan signed in September 2007 -- is the largest syndicated loan for a Middle Eastern bank borrower.
The margin of 19.5 bps over LIBOR set a new pricing benchmark at the time for bank borrowers in the region, undercutting the 25 bps paid earlier in 2007 by Abu Dhabi Commercial Bank (ADCB.AD), Gulf International Bank, Arab Bank ARBK.AM and Arab Banking Corp ABCB.BH.
QNB has a long-term bank deposit rating of Aa3 from Moodys and a long-term foreign currency rating of A+ by S&P.
The state of Qatar has majority ownership and management control of QNB. (Reporting by Christopher Mangham; Editing by Quentin Bryar)
