Qatar Nationwide Financial institution Closes Syndication Of $3.5 Billion Mortgage

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DUBAI: Qatar Nationwide Financial institution has closed the syndication for its dual-tranche $3.5 billion senior unsecured time period mortgage, the Gulf’s greatest lender stated on Monday.

Sources had advised Reuters final month that QNB was planning to boost the mortgage to refinance an present $3.5 billion debt facility raised in 2017 which matures subsequent month.

The mortgage included a $2 billion three-year tranche and a $1.5 billion five-year tranche and will probably be used for basic company functions.

QNB stated in an announcement that it was nicely supported by 34 worldwide banks.

Abdulla Mubarak al-Khalifa, QNB’s group CEO, stated it was the biggest five-year dual-tranche syndication ever issued by a financial institution within the Center East.

“This tranche additionally attracted the curiosity of worldwide banks and helped us additional broaden our investor base. The issuance was considerably oversubscribed which, regardless of the challenges of COVID-19, demonstrates our standing as a top quality issuer,” he stated within the assertion.

It was underwritten by HSBC, Mizuho, Financial institution of America Merrill Lynch, Barclays , MUFG, Maybank Kim Eng Securities, Normal Chartered, SMBC and United Abroad Financial institution.

JPMorgan Securities and Intesa Sanpaolo joined the underwriters as preliminary mandated lead arrangers.

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