Debt Investors

Doha Bank Successfully Issues USD 500mm Bond, Oversubscribed 5 Times, Demonstrating Strong Global Investor Confidence

On Wednesday 26 February 2025, returned to the international bond market with a USD 500 million Reg S only issuance with a tenor of 5 years and coupon rate of 5.25% per annum. The orderbook closed at USD 2.5 billion, representing an oversubscription rate of 5 times. Investor demand exceeded expectations and international accounts from Europe and Asia were the largest in the transaction, allowing the bank to diversify its investor base at an attractive cost of funds. Doha Bank is the first bank in Qatar to issue a USD bond this year, which followed the successful issuance from State of Qatar’s dual tranche USD 3 billion bond one week prior.

Investors were impressed by results of Doha Bank’s new transformation strategy, particularly after the bank recorded strong financial results in 2024.

Doha Bank announced its intention to access the bond market early on Tuesday 25 February, and held marketing calls with numerous investors including some of the worlds’ largest and most reputable fund managers. On Wednesday 26 February, the bank opened the orderbook and raised USD 500 million at a competitive credit spread of 120 basis points over the 5-year U.S. Treasury rate, reflecting 35 basis points of tightening from initial price thoughts of 155 basis points. Such competitive levels drove the investors’ demand to record high oversubscription rate.

International investor participation in the bond was the highest for any GCC bank issuance in 2025. More specifically, 37% went to European investors, 18% to Asia and 45% to the Middle East.

In terms of investor type, 44% went to fund managers, 44% to banks and private banks, and 12% to insurance companies, pension funds and agencies. The investor distribution and diversity reflect the positive reception for Doha Bank in the international market.

The issue was arranged and offered through a syndicate of Joint Lead Managers that included ANZ, Deutsche Bank, Emirates NBD Capital, HSBC, Kamco Invest, Mashreq, MUFG, QNB Capital and Standard Chartered Bank, as well as, Co-Managers, Industrial Commercial Bank of China (QFC Branch) and the Commercial Bank of Qatar.

Doha Bank was last in the market in March 2024 with a similar USD 500 million bond. Doha Bank is rated A with a stable outlook by Fitch and Baa1 with a stable outlook by Moody’s. The bond was issued under Doha Bank’s USD 3 billion Euro Medium Term Note programme that is listed on the London Stock Exchange.

ISIN: XS2912342917
Settlement date: 05 March 2025
Maturity date: 05 March 2030

Disclaimer

Before you invest, you should read the Base Offering Circular dated 24 February 2025 (the “Base Offering Circular”) for more complete information about the Issuer, the Guarantor and this offering.

An electronic version of the base offering circular that you are seeking to access (the “Base Offering Circular”) is being made available on this webpage by Doha Bank Q.P.S.C. (the “Bank”) solely for the purposes of complying with the rules published by the Financial Conduct Authority of the United Kingdom. Please note that this disclaimer may be altered or updated and so you should ensure that you read it in full each time you visit this webpage and before reading, accessing or making any other use of the attached documents. In accessing the Base Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information as a result of such access.

THIS BASE OFFERING CIRCULAR IS NOT INTENDED TO CONSTITUTE AN OFFER, SALE OR DELIVERY OF SECURITIES UNDER THE LAWS OF THE STATE OF QATAR. ANY NOTES TO BE ISSUED PURSUANT TO THE BASE OFFERING CIRCULAR (THE “NOTES”) HAVE NOT BEEN AND WILL NOT BE LISTED ON THE QATAR EXCHANGE OR REGISTERED WITH THE QATAR FINANCIAL MARKETS AUTHORITY, THE QATAR CENTRAL BANK OR WITH ANY OTHER AUTHORITY PURSUANT TO ANY LAWS, REGULATIONS AND RULES IN THE STATE OF QATAR. THE NOTES AND INTERESTS THEREIN WILL NOT AND ARE NOT INTENDED TO BE, OFFERED OR SOLD TO THE PUBLIC IN THE STATE OF QATAR.

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