QIB closes syndication of $1bn term financing
The Peninsula
Doha: Qatar Islamic Bank (QIB), Qatar s largest Islamic bank, has announced the successful closure of its 3 years, $1bn unsecured, Dual tranche Term M...
Doha: Qatar Islamic Bank (QIB), Qatar’s largest Islamic bank, has announced the successful closure of its 3-years, $1bn unsecured, Dual-tranche Term Murabaha Financing Facility.
The Facility was substantially oversubscribed (2 times) at competitive all-in pricing and upsized from its initial launch amount of $600m, due to strong demand from the financial markets.
The syndication was managed by QIB Wholesale Banking Group and was led by HSBC Bank Middle East Limited, SMBC Bank International PLC and Standard Chartered (as Initial Mandated Lead Arrangers and Bookrunners and Global Coordinators).
Facility Agent Bank role was assigned to HSBC Saudi Arabia. Norton Rose Fulbright and White & Case acted as the legal advisors to MLA’s and QIB respectively.
The transaction was well supported by strong group of regional, Asian and international banks with wide participation of 15 institutions joining the syndication allowing a substantial oversubscription and diversified coverage, which led the deal to be significantly upsized from $600m to $1Bn.
