QNB Group, the largest financial institution in the Middle East and Africa, has witnessed "substantial" oversubscription to its global dual tranche $3.5bn unsecured term loan facility, the largest five-year syndication ever issued in the Middle East for a bank.
The syndication was well supported by 34 international banks with substantial oversubscription, said a QNB spokesman.
"This tranche attracted the interest of global banks and helped us further broaden our investor base. The issuance was substantially oversubscribed which, despite the challenges of Covid-19, demonstrates our standing as a high quality issuer," said QNB’s Group chief executive Abdulla Mubarak al-Khalifa.
This transaction, which is seen as a confirmation of its successful strategy of becoming a leading bank in the Middle East Africa and South East Asia, included $2bn three-year and $1.5bn five-year tranches, and will be used for general corporate purposes.
The syndication was fully underwritten by HSBC Bank Middle East; Mizuho Bank; Bank of America Merrill Lynch International Designated Activity Company; Barclays Bank; MUFG Bank; Maybank Kim Eng Securities; Standard Chartered Bank; SMBC Bank International and United Overseas Bank.
The initial mandated lead arrangers included J P Morgan Securities and Intesa Sanpaolo, Qatar Financial Centre branch, along with the underwriters. HSBC was mandated as the documentation co-ordinator while Mizuho was mandated as the syndication coordinator and facility agent.
"This tranche attracted the interest of global banks and helped us further broaden our investor base. The issuance was substantially oversubscribed which, despite the challenges of Covid-19, demonstrates our standing as a high quality issuer," said QNB’s Group chief executive Abdulla Mubarak al-Khalifa.
This transaction, which is seen as a confirmation of its successful strategy of becoming a leading bank in the Middle East Africa and South East Asia, included $2bn three-year and $1.5bn five-year tranches, and will be used for general corporate purposes.
The syndication was fully underwritten by HSBC Bank Middle East; Mizuho Bank; Bank of America Merrill Lynch International Designated Activity Company; Barclays Bank; MUFG Bank; Maybank Kim Eng Securities; Standard Chartered Bank; SMBC Bank International and United Overseas Bank.
The initial mandated lead arrangers included J P Morgan Securities and Intesa Sanpaolo, Qatar Financial Centre branch, along with the underwriters. HSBC was mandated as the documentation co-ordinator while Mizuho was mandated as the syndication coordinator and facility agent.