Doha Bank picks banks for con­ven­tional bond is­sue

Kuwait Times - - BUSINESS -

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.

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