IFLR1000

State of Qatar $9 billion three tranche eurobond issue

2/6/2016
Sovereign bond issue
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€ 9 billion

Completed

2/6/2016

Overview:

  • The State of Qatar sold a $9 billion eurobond in three tranches - its first bond issue in three years - as it looked to fill a gap in its budget deficit. 
  • The tranches, which were listed on the Luxembourg Stock Exchange, were $3.5 billion 2.375% 2021 notes, $3.5 billion 3.25% 2026 notes, and $2 billion 4.625% 2046 notes. 
  • The world's biggest exporter of LNG is expected to have a budget deficit of around 5% of its GDP in 2016 and is in the process of investing $200 billion in developing its infrastructure in preparation for hosting World Cup 2022.
  • Low energy prices have seen a number of Gulf states turn to the debt markets to fill budget gaps. 
  • HSBC, JP Morgan, MUFG, and QNB Capital were joint global coordinators and joint lead managers along with Al Khaliji, Barclays, BofA Merrill Lynch, and Deutsche Bank. 

Ben Naylor - Regional editor

 

Jurisdiction:

Qatar

Deal type:

Sovereign bond issue

Practice area:

Capital markets : Debt

Governing laws:

New York
United States
Qatar

Industry sector:

Government and public policy

Firms:
Sharq Law Firm

Party: HSBC (Joint global coordinator, Joint lead manager)

Party: JP Morgan (Joint global coordinator, Joint lead manager)

Party: MUFG (Joint global coordinator, Joint lead manager)

Party: Al Khalij Commercial Bank (Joint lead manager)

Party: Barclays (Joint lead manager)

Party: Bank of America Merrill Lynch (Joint lead manager)

Party: Deutsche Bank AG Na ON (Joint lead manager)

Party: Mizuho Bank (Joint lead manager)

Party: SMBC Nikko (Joint lead manager)

Party: QNB Capital (Joint global coordinator, Joint lead manager)

Skadden Arps Slate Meagher & Flom

Party: HSBC (Joint global coordinator, Joint lead manager)

Party: JP Morgan (Joint global coordinator, Joint lead manager)

Party: MUFG (Joint global coordinator, Joint lead manager)

Party: Al Khalij Commercial Bank (Joint lead manager)

Party: Barclays (Joint lead manager)

Party: Bank of America Merrill Lynch (Joint lead manager)

Party: Deutsche Bank AG Na ON (Joint lead manager)

Party: Mizuho Securities (Joint lead manager)

Party: SMBC Nikko (Joint lead manager)

Party: QNB Capital (Joint global coordinator, Joint lead managers)

White & Case

Party: State of Qatar (Issuer)

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