QNB Bank A.Ş., Qatar National Bank’s Turkish arm, has announced initial price thoughts in the 6.5% range for its USD 500 million five-year Regulation S bond, which is not expected to be upsized.
The bank holds ratings of Ba2 with a stable outlook from Moody’s and BB- stable from Fitch, with the senior unsecured notes expected to carry a BB- rating from Fitch.
Citi, Doha Bank, Emirates NBD Capital, HSBC, Mashreq, QNB Capital, Société Générale and Standard Chartered Bank are acting as joint bookrunners on the transaction.
The bond will be issued under QNB Bank A.Ş.’s USD 5 billion Global Medium Term Note Programme and is set to be listed on Euronext GEM.
The order book opened on January 22, with the deal subject to FCA and ICMA stabilisation rules.
Formerly known as Finansbank A.Ş., QNB Bank A.Ş. joined the QNB Group in 2016 after the Qatari lender acquired a 99.81% stake in the Turkish bank.
