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Qatar National Bank completes $3.5B syndicated loan, $1.38B debt placement

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Qatar National Bank completes $3.5B syndicated loan, $1.38B debt placement

Qatar National Bank QPSC has added to a recent $1 billion private debt placement with a further $1.38 billion placement and a $3.5 billion syndicated loan.

A spokesperson told Reuters on Feb. 6 that the bank was issuing the $1.38 billion privately placed bond, upsized from an original amount of $1.3 billion and carrying a coupon of 135 basis points over the three-month London Interbank Offered Rate. The notes mature in February 2020, meaning that their coupon and tenor match those of the original placement.

The bank then said Feb. 7 that it completed a three-year, $3.5 billion unsecured syndicated loan facility, to be used for general corporate purposes. It noted that it repaid in full an earlier $3 billion syndicated loan.

The syndicate comprised 21 banks, with Bank of America Merrill Lynch International Ltd., The Bank of Tokyo-Mitsubishi UFJ Ltd., Barclays Bank Plc, Deutsche Bank AG London branch, Intesa Sanpaolo SpA QFC branch, Mizuho Bank Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corp. and United Overseas Bank Ltd. fully underwriting the issuance.

With other Arab countries imposing an embargo on Qatar, the bank has issued different types of debt including Kangaroo and Formosa bonds to refill its coffers and diversify its funding resources, Reuters had noted.