Qatar, through its Ministry of Finance, has initiated initial price talks (IPT) for a dual-tranche US dollar issuance consisting of a three-year senior unsecured conventional bond and a ten-year senior unsecured sukuk.
The three-year bond is being marketed at roughly 45 basis points above US Treasuries, while guidance for the ten-year sukuk is set at around 55 basis points over UST.
Deutsche Bank, Goldman Sachs International, QNB Capital, and Standard Chartered Bank are serving as global coordinators for the transaction. The joint lead managers include a wide syndicate of institutions such as Santander, Citi, Emirates NBD Capital, ICBC, IMI-Intesa Sanpaolo, SMBC, Dubai Islamic Bank, ICDPS, and KFH Capital, among others.
Both tranches are benchmark-sized and are anticipated to receive ratings of Aa2 from Moody’s, AA from S&P, and AA from Fitch — consistent with Qatar’s sovereign long-term issuer ratings. The offering is being marketed under the Rule 144A/Reg S format.
The sukuk is structured under Ijara and Murabaha principles, with both tranches expected to settle on 10 November 2025. The bond will mature on 10 November 2028, while the sukuk will mature on 12 November 2035.
Both instruments will be listed on the London Stock Exchange’s Main Market.
This issuance falls under Qatar’s Global Medium-Term Note and Trust Certificate Issuance Programmes, with order books opening on Monday. Earlier this year, in February, Qatar successfully raised USD 3 billion through a tightly priced dual-tranche issuance.
