Dukhan Bank launches $500 million perpetual sukuk to yield 3.95%

By Rebecca Melvin

Concord, N.H., July 7 – Dukhan Bank QPSC launched an offering of $500 million perpetual tier 1 Islamic bonds, or sukuk, to yield 3.95%, according to a market source on Wednesday.

Pricing was tight to guidance of a 4% to 4 1/8% yield and initial price talk for a 4 3/8% area yield.

The issue is non-callable for 5.5 years and then callable at par between the first call date and the first reset date on Jan. 14, 2027, and on any distribution date thereafter. Reset dates will occur on every fifth anniversary after the first reset date, and distribution dates are July 15 and Jan. 14 in each year beginning Jan. 14, 2022.

The order books were more than $2.25 billion in size, excluding interest from the joint lead managers at the time of launch.

Joint lead managers and joint bookrunners of the Regulation S deal are Citi, Credit Suisse, JPMorgan, KFH Capital, QInvest, QNB Capital, Societe Generale and Standard Chartered Bank.

The retail bank is based in Doha, Qatar.

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