QIIB list its first Additional Tier 1 Sukuk on London Stock Exchange

QIIB has listed its first Additional Tier 1 (AT1) Sukuk on London Stock Exchange, marking the occasion by opening London’s markets for trading. The celebration was attended by QIIB Chairman and Managing Director His Excellency Sheikh Dr Khalid bin Thani al-Thani, Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei, UK's Ambassador to Qatar, His Excellency Mr. Ajay Sharma and other distinguished guests.

The banks that arranged the bond are QNB Capital, Barwa Bank, KIB Bank, Al-Khalij Commercial Bank and Standard Chartered Bank.

QIIB’s $300 million AT1 Sukuk is a landmark transaction; the first AT1 Sukuk issued by a Qatari bank. The successful deal saw its orderbook exceed $2.6 billion (9 times oversubscribed), with orders from more than 122 institutions from 22 countries, achieving a tight pricing at 4.875%.

His Excellency Sheikh Dr.Khalid Bin Thani Bin Abdullah Al Thani, Chairman and Managing Director of QIIB, expressed his satisfaction with the Bank's success, commenting: “Certainly, this success is attributable primarily to the strength of the Qatari economy, which enjoys great confidence on a global scale and to the excellent management of Qatar Central Bank in supervising the banking sector.” He expressed his satisfaction with the popularity of QIIB’s AT1 Sukuk among investors from around the world as it “provided assurances and indications that the fallout of the blockade was behind us and that we were able to earn great global confidence.”

The announcement of the successful issuance follows a successful roadshow by the QIIB management team in East Asia and the United Kingdom, during which the Bank held a series of meetings with investors, followed by the issuance of the AT1 Sukuk.

QIIB was established in 1990 as the second Islamic bank in the State of Qatar and is currently the third largest Islamic bank in terms of assets and market capitalization. QIIB began its operations in 1991 and is listed on the Qatar Stock Exchange.

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
-
Listing/Admission to trading
22 Nov 2019
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