Chicago, July 8 – Dukhan Bank QPSC (A2//A) sold a $500 million 3.95% perpetual tier 1 sukuk, according to a company news release.
The issue was more than 4.5 times oversubscribed with order books reaching $2.35 billion.
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.
Standard Chartered Bank was the global coordinator.
Additional joint lead managers and joint bookrunners of the Regulation S deal are Citi, Credit Suisse, JPMorgan, KFH Capital, QInvest, QNB Capital and Societe Generale.
The retail bank is based in Doha, Qatar.
| Issuer: | Dukhan Bank QPSC
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| Issue: | Tier 1 sukuk
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| Amount: | $500 million
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| Maturity: | Perpetual
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| Bookrunners: | Standard Chartered Bank, Citi, Credit Suisse, JPMorgan, KFH Capital, QInvest, QNB Capital, Societe Generale and Standard Chartered Bank
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| Coupon: | 3.95% initial rate; resets every five years starting on Jan. 14, 2027
|
| Call features: | 5.5 years of call protection
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| Trade date: | July 7
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| Ratings: | Moody’s: A2
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| Fitch: A
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| Distribution: | Regulation S
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| Price talk: | Initial talk in 4 3/8% area; tightened to 4% to 4 1/8% area
|
| Marketing: | Investor meetings
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