Commercial Bank Issues Qatari Riyal Denominated International Bond

Doha, April 14 (QNA) - The Commercial Bank has issued first-ever Qatari Riyal denominated international bond. The three-year privately placed Qatari Riyal denominated bond has a total size of QR 429 million, a coupon rate of 5.85% per annum payable semi-annually, and is available to both domestic and international investors.

Joseph Abraham, Group Chief Executive Officer of Commercial Bank, said: "Our objective is to develop products for investment in Qatar and Commercial Bank is the first bank in Qatar to issue a Qatari Riyal international bond in support of the development of a Qatari Riyal debt capital market and the strengthening of Qatar’s financial sector".

The bond is listed on Euronext Dublin, rated A- by Fitch, and clearable by Euroclear SA, one of two global custodians. HSBC acted as the lead manager for the transaction supporting the Commercial Banks Investments Team to structure the transaction and engage with investors. (QNA)