Debt Investors

Doha Bank Successfully Prices USD 500 Million EMTN at Historic Lows, Attracts Robust Global Demand with 4x Oversubscription

Doha Bank (rated Baa1/A) has successfully returned to the international bond market for the second time this year, issuing a USD 500 million Reg S bond with a 5.5-year tenor and a coupon rate of 4.5% per annum. The issuance attracted exceptional demand, with the exceptional orderbook at USD 1.8 billion, representing an oversubscription of nearly 4 times.

This strong outcome reflects the resilience of Qatar’s economy, driven by the State of Qatar’s 2030 Vision for economic diversification, and the robust regulatory framework established by the Qatar Central Bank (QCB). These factors continue to strengthen the banking sector and reinforce international investor confidence in Qatar as a leading financial hub in the region.

The transaction achieved the best credit spread ever for Doha Bank at 105 basis points over the 5-year U.S. Treasury rate, tightening by 35 basis points from initial price thoughts.

Investor participation was well-diversified, with 56% from the Middle East, 26% from Asia, 13% from the UK & Europe, and 5% from U.S. offshore accounts. The issuance saw strong and wider investor demand, with first time investors from Europe and Asia participating in the deal.

The issue was arranged and offered through a syndicate of Joint Lead Managers that included Crédit Agricole CIB, DBS Bank Ltd., Emirates NBD Capital, ING Bank, KIS Asia, Mashreq Bank, RAKBANK, QNB Capital, Santander Bank and Standard Chartered Bank, as well as, Co-Manager, Commercial Bank of Qatar.

Doha Bank last accessed the market in March 2025 with a USD 500 million bond, later tapped to USD 775 million. The current issuance was executed under Doha Bank’s Euro Medium Term Note (EMTN) Programme, listed on the London Stock Exchange.

ISIN: XS3172196100
Issue date: 16 September 2025
Maturity date: 16 March 2031

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.

NOTHING IN THIS ELECTRONIC TRANSMISSION AND THE BASE OFFERING CIRCULAR CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OF AMERICA (WITH ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA, COLLECTIVELY, THE “U.S.”) OR ANY OTHER JURISDICTION. THE SECURITIES DESCRIBED IN THE OFFERING CIRCULAR HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR ANY OTHER U.S. JURISDICTION AND SUCH SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S (“REGULATION S”) UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.

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