Doha Bank picks banks for conventional bond issue
DUBAI: Doha Bank, Qatar’s fifth-largest lender by assets, has picked banks for a conventional bond issue, banking sources said yesterday. One of the sources said the issue would be in the region of $300 million to $400 million and that the issue was planned for the first quarter of 2017. The bank was not immediately available to comment. Several other Gulf banks are planning issues as investor uncertainty eases in the wake of Donald Trump’s election as US president. Bahrain-based Gulf International Bank has asked banks to submit proposals to arrange a potential US dollar-denominated bond issue, while Bank of Sharjah is considering issuing a $500 million conventional bond in 2017 for general corporate purposes, banking sources told Reuters on Monday. The sources declined to say which banks Doha Bank had mandated to arrange its issue. The bank received approval earlier this year to raise funds with up to $5 billion worth of short-term instruments, including $3 billion through certificates of deposits and euro commercial paper worth $2 billion.