April 2, 2013 / 10:51 AM / 5 years ago

Qatar's CBQ picks banks for capital boosting bond sale - sources

DUBAI, April 2 (Reuters) - Commercial Bank Of Qatar (CBQ), which is buying a majority stake in Turkish lender Alternatifbank, has picked two banks for the potential issue of a bond aimed at boosting its capital, two sources familiar with the matter said.

CBQ, the Gulf state’s third-largest bank by market value, has hired Morgan Stanley Inc and Bank Of America Merrill Lynch for the sale of a Tier 1 bond, the sources said, speaking on condition of anonymity as the matter is not public.

Tier 1 capital is the main measure of a bank’s financial strength.

One of the sources said CBQ was aiming to sell a benchmark-sized bond, which is typically at least $500 million in size. CBQ was not immediately available for comment.

Last month CBQ agreed to buy a 70.8 percent stake in Alternatifbank in a deal valued at $460 million.

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