Masraf Al Rayan, Qatar’s second largest Islamic bank, rated A1 by Moody’s with a stable outlook, has announced the “successful issuance” of $500mn sukuk with a five-year term under its existing $2bn sukuk programme.
Masraf Al Rayan’s debut issuance was three times oversubscribed as a result of strong investor demand. The issue was priced at a spread of 140 basis points over the five-year mid swaps carrying fixed profit rate of 3.025% per annum.
The participation included investors from around the world with 44% from Asia, 44% from Mena and 12% from Europe. By type, 47% were fund managers, 38% were banks and private banks, and 15% were insurance and agencies.
The success of this process was based on a comprehensive marketing strategy that aimed to showcase the strong fundamentals of Masraf Al Rayan and the strength of the Qatari economy to international investors.
Al Rayan Investment, Boubyan Bank, MUFG, QNB Capital and Standard Chartered Bank acted as joint lead managers and bookrunners on this transaction.
from Gulf Times https://ift.tt/34HN4op
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