London Stock Exchange lists QIIB's $300mn AT1 perpetual sukuk
November 16 2019 09:26 PM
The LSE listed QIIB's $300mn sukuk the bank successfully issued last week as Additional Tier l Perpe
The LSE listed QIIB's $300mn sukuk the bank successfully issued last week as Additional Tier l Perpetual capital instrument. The ceremony held at the LSE was attended among other dignitaries by QIIB chairman and managing director Sheikh Dr Khalid bin Thani Abdullah al-Thani, QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei and UK ambassador Ajay Sharma.

*The issuance was oversubscribed nearly nine times, with a book order that exceeded $2.6bn


The London Stock Exchange listed QIIB's $300mn sukuk the bank successfully issued last week as Additional Tier l Perpetual capital instrument.

The high-profile ceremony held at the LSE was attended among other dignitaries by QIIB chairman and managing director Sheikh Dr Khalid bin Thani Abdullah al-Thani, QIIB chief executive officer Dr Abdulbasit Ahmad al-Shaibei and UK ambassador Ajay Sharma.

On November 13, QIIB had successfully issued the $300mn sukuk. The issuance witnessed “strong appetite” from investors and was oversubscribed about nine times, with a book order that exceeded $2.6bn.

The issue was priced at fixed rate of 4.875% a year, which QIIB said “is the lowest pricing ever” of this AT1 from the GCC.

During the bell ringing ceremony marking the listing of the QIIB sukuk on the LSE, Sheikh Dr Khalid said, "We are delighted to be here for the second time in less than a year to list the bank's sukuk. The success we achieved last time and are achieving now is due to the Qatari economy’s prominent position and the global confidence therein".

He said, "In fact, this trust didn't emanate from void, as the Qatari economy achieved outstanding results in various sectors, thus attracting investors from different countries. As a bank, we feel responsible to keep up with the country's economic momentum and therefore, our presence today falls within this framework".

"The high demand for QIIB sukuk highlights the success of the State of Qatar and its institutions in overcoming the challenges of the siege and attempts to impact its economy, which is appreciated by most experts and economists.

"QIIB will remain in the investment scene and enhance the trust it reaped during its presence for more than quarter of a century in the Islamic banking market. QIIB's position will remain strong locally and internationally, thanks to the great efforts exerted and the strong support provided by the Qatari economy,” Sheikh Dr Khalid said.

Dr al-Shaibei said, "The listing of our new sukuk on the London Stock Exchange is a great success for us on top of many other successes that will undoubtedly help us strengthen our financial position and improve our growth figures”.

He said, "In addition to the high demand for QIIB sukuk by as many as 122 institutions from some 22 countries, where the order book was oversubscribed more than nine times, the competitive pricing that we secured is highly significant and primarily due to the strength of the Qatari economy and our high credit rating".

“QIIB’s decision to list its sukuk on London Stock Exchange was based on the fact that London will continue to play its prestigious global role, regardless of the Brexit outcome, and that London is considered one of the most important international markets for Islamic banking instruments".

“The sukuk issued by the bank are important capital tools for us as they balance between their flexibility and our desire to be present in the international Islamic financial markets in line with our strategic plans that focus on strengthening the bank's financial position and forging more partnerships at the regional and international levels".

The QIIB chief executive officer thanked the banks that arranged the issuance, namely QNB Capital, Barwa Bank, Kuwait International Bank, QInvest, Al Khalij Commercial Bank and Standard Chartered Bank, which he said, made great efforts to guarantee the success of the new issuance.

The ceremony was also attended by senior QIIB executives Hossam Khattab, chief financial officer; Mohamed Barhouma, chief operating officer; Omar al-Meer, chief-Business Development and Mohamed Sheikha, treasury and investment manager.




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