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Dukhan Bank announces the successful debut issuance of USD 800 million Senior Sukuk,  the largest issue size achieved by a Qatari Islamic bank since 2020

Order books were covered more than 3 times and peaked at USD 2.6 billion

Lusail, Qatar - 2 October 2024: Dukhan Bank (Q.P.S.C.), rated A2 by Moody’s (stable outlook) and A by Fitch (stable outlook), successfully issued a USD 800 million 5-year senior unsecured Sukuk with a profit rate of 4.56% per annum representing a spread of 100bps over 5-year US Treasuries.

The transaction marks the debut Senior Sukuk issuance for Dukhan Bank and was met with outstanding demand from global and regional investors. Order books were covered more than 3 times and peaked at USD 2.6 billion, enabling the bank to issue USD 800 million – the largest issue size achieved by a Qatari Islamic bank since 2020. Final price guidance came in at 100bps over 5-year US Treasuries, representing 30bps tightening from the initial price thoughts of 130bps.

The success of the transaction is reflective of the strength of the Qatari economy and Dukhan Bank’s strong credit fundamentals. The issuance reaffirms Dukhan Bank’s position as a leading financial institution in Qatar. It is also a significant milestone for the bank as it continues to broaden its funding base and enhance its presence in international markets.

His Excellency Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman and Managing Director of Dukhan Bank, commented “We are delighted with the exceptional success of this debut senior sukuk issuance. This success is a testament to Qatar’s credit robustness and aligns seamlessly with the ambitious goals outlined in Qatar's National Vision 2030. We would like to thank everyone who contributed to the success of the transaction.”

Mr. Ahmed Hashem, Acting Group Chief Executive Officer of Dukhan Bank, commented “We are thrilled with the overwhelming response to this sukuk issuance. This reflects the global confidence in both Qatar’s economic stability and Dukhan Bank’s strong financial foundation. It also highlights the bank’s esteemed standing within the international financial community. We extend our deepest appreciation to the Joint Lead Managers, whose expertise and dedication were instrumental in guiding this transaction.”

The issuance comes after a series of global investor meetings and presentations led by Dukhan Bank’s senior management team. Dukhan Bank appointed Standard Chartered Bank to act as Sole Global Coordinator. Al Rayan Investment, Bank ABC, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, Mashreq, QInvest, Qatar International Islamic Bank, QNB Capital, Standard Chartered Bank, The First Investor, The Islamic Corporation for the Development of the Private Sector and Warba Bank acted as Joint Lead Managers and Joint Bookrunners on the transaction.


Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2130 times
PR Category : Business and Economy
Posted on : Tuesday, April 1, 2025  12:00:00 AM UAE local time (GMT+4)
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