Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Doha Bank Plans Dollar, Riyal Bond Sale, CEO Says

Don't Miss Out —
Follow us on:

July 25 (Bloomberg) -- Doha Bank QSC, Qatar’s third-biggest bank by revenue, aims to sell bonds by the end of this year in both dollars and the local riyal currency, the lender’s chief executive officer said.

The bond offering “will definitely happen, as I see it,” Raghavan Seetharaman said in an interview in the Qatari capital Doha today. “I expressed my intention to” sell the bonds in dollars and riyals to the central bank, which must approve the transaction, he said.

Qatar, the world’s biggest exporter of liquefied natural gas, is trying to develop a domestic debt market. The government sold 12 billion riyals ($3.3 billion) of bonds and Islamic debt this year. The Qatar Exchange, the country’s equity market, may start bond trading before September, the exchange’s Chief Executive Officer Andre Went said in February.

“The domestic market is there now,” Seetharaman said. He said last month the bank sought to raise as much as $1 billion in the fourth quarter by selling bonds. The money is likely to be raised for five years and is meant to “fix the maturity mismatch” on the bank’s balance sheet, he said.

Doha Bank posted a less-than-expected drop in second-quarter profit after the country’s sovereign wealth fund declined to take dividends. Net income fell 5.4 percent to 299.7 million riyals ($82.4 million) from the year-earlier period. That compares with the mean estimate of 235.7 million riyals by three analysts surveyed by Bloomberg.

Doha Bank shares rose 1.1 percent to close at 44.4 riyals today.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.