September 14, 2017 / 11:14 AM / a year ago

Qatar National Bank completes $630 million Formosa bond issue

DUBAI (Reuters) - Qatar National Bank said on Thursday it had completed a $630 million Formosa bond issue, signaling its keenness to continue to diversify funding sources amid a regional diplomatic rift.

A man walks past a branch of Qatar National Bank (QNB) in Riyadh, Saudi Arabia, June 5, 2017. REUTERS/Faisal Al Nasser

The non-guaranteed bonds were part of its euro medium-term note program and had a maturity of 30 years, it said. The issue, which is callable after five years, will be traded on the Taipei Stock Exchange.

It said the Regulation S bond was arranged by Standard Chartered and attracted “considerable interest” from Taiwanese investors, underscoring the “confidence that international investors place in QNB’s strategy and strength.”

Many Qatari banks are facing greater urgency to secure funding since June when the United Arab Emirates, Saudi Arabia, Egypt and Bahrain imposed a diplomatic and commercial boycott on Qatar, accusing it of funding terrorism. Qatar denies the allegations.

Reuters reported last month that QNB had held talks, arranged by banks including Standard Chartered, with investors in Taiwan about a private placement of Formosa bonds - debt sold there by foreign issuers and denominated in currencies other than the Taiwan dollar.

QNB, the Qatari bank with the most diversified funding sources, has also been the most active in Asia and last year issued a $1.10 billion Formosa bond via private placement.

Reporting By Tom Arnold and Hadeel Al Sayegh; Editing Saeed Azhar

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