May 9, 2012 / 7:31 AM / in 6 years

UPDATE 1-Qatar seeks proposals for debut sukuk

(Adds further details)

By Sudip Roy

LONDON, May 9 (IFR) - Qatar is eyeing its debut international sukuk offering, according to sources. The Gulf state has already sent request for proposals to banks, and is close to being mandated. Sources believe it will choose a mix of international and local banks.

While timing has yet to be decided, the transaction will probably be in the second quarter, ahead of the summer break. Other details, such as size and tenor, have also still be agreed, though if Qatar’s previous conventional deals are any guide, the chances are the sukuk will be a multi-billion dollar offering in more than one tenor.

Qatar is one of the most sought-after borrowers in the world. Its last transaction, in late November, was a USD5bn, Triple Tranche 144a/Reg S, which attracted a USD9.5bn order book. HSBC, Citigroup, Mitsubishi UFJ, QNB Capital and Standard Chartered were the leads on that deal.

Reporting by Sudip Roy

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