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Qatar National Bank Said to Plan Dollar Bond Sale Amid Expansion

Qatar National Bank SAQ plans to sell dollar bonds as the first Arab lender with assets exceeding $100 billion pursues acquisitions.

The initial price guidance has been set at the 3.125 percent area on the proposed seven-year bonds that may be sold as early as today, said two people familiar with matter, who asked not be identified because the details are private. Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co., Standard Chartered Plc, Mitsubishi UFJ Financial Group and Qatar National Bank are the book-runners.

The Doha-based lender said in December it will pay $1.97 billion for 77 percent of Egyptian unit of Societe Generale SA, part of a plan to more than double the ratio of profit it derives from global operations by 2017. Qatar National Bank has also sold debt denominated in Swiss francs, euros and Hong Kong dollars this year.

The lender last sold dollar-denominated bonds in November when it raised $1 billion. The yield on the 2.125 percent 2018 notes has climbed nine basis points since the bonds started trading to 2.38 percent at 12:44 p.m. in Dubai, data compiled by Bloomberg show.

Qatar National Bank reported a 7 percent increase in first-quarter profit. The bank’s assets rose to 308 billion riyals ($104 billion) at the end of March, making it the biggest bank in the Middle East.

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