QIIB ‘successfully’ lists $300mn Tier 1 capital sukuk on London Stock Exchange

QIIB has successfully listed its $300mn Tier 1 capital sukuk on London Stock Exchange (LSE) during a bell-ringing ceremony attended by Dr Abdulbasit Ahmad al-Shaibei, CEO, QIIB and Abdulla al-Ghanim, Qatar’s Commercial Attaché in the UK among other dignitaries.

The ceremony was also attended by distinguished officials from the LSE, alongside Sheikh Mohammed bin Ali al-Thani, chief of the Treasury and Investment Sector; Hossam Khattab, chief of the Financial Sector; and Mahmoud al-Ahmad, head of Treasury and Investment at QIIB.

On September 24, QIIB successfully issued a $300mn sukuk as part of its first tranche of capital, designed to strengthen the bank’s capital base, while seizing opportunities in the international sukuk market.

The issuance garnered significant demand, with subscription requests surpassing $2.5bn — more than eight times the offering — attracting a broad array of global investors.

Competitively priced at 187 basis points over the US Treasury average for a 5.5-year term, the sukuk achieved a final annual yield of 5.45%, marking one of the tightest pricing for similar issuances, regionally and globally.

Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, chairman, Board of Directors of QIIB remarked: “We are pleased to be listed on London Stock Exchange following the successful issuance of our $300mn perpetual sukuk.

“This milestone reflects the prestigious standing of the Qatari economy and the high confidence it enjoys from investors worldwide.

This trust enables us to further enhance our activities and fortify our financial position both locally and internationally.”

He continued: “Listing QIIB’s sukuk on London Stock Exchange reinforces the bank’s commitment to engaging with global investment markets and deepens the longstanding ties we have cultivated with this prestigious international exchange. London remains a leading global financial hub and an important centre for Islamic finance.”

He noted: “With each sukuk issuance, we witness increasing confidence in QIIB on the global stage, as demonstrated by the substantial demand for our offerings. We have successfully built strong relationships with investors across the globe and remain committed to achieving the best possible performance for QIIB.

“Our achievements are further reflected in our qualitative leaps across various performance indicators, as well as our high credit ratings, which underscore the bank’s operational strength and resilience,” Sheikh Khalid added.

The issuance was arranged by Standard Chartered Bank as the sole global coordinator, along with Al Rayan Investment Company, Citibank, Doha Bank, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, Lesha Bank, Mashreq, QNB Capital, and Warba Bank as joint lead managers and book runners.