Doha Bank Senior Debt Issue Nearly 8 Times Oversubscribed

Doha, March 11 (QNA) - Sheikh Fahad Bin Mohammed Bin Jabor Al-Thani, The Chairman of Doha Bank with great delight announced, "We have successfully completed the Senior bond issue of USD 500 million under Doha Banks's Euro Medium Term Note Programme (EMTN) of USD 2 billion through arrangers Morgan Stanley and J P Morgan. The Bond is listed on London Stock Exchange. The proceeds will be used for general funding purposes required to support the bank's growth plans." Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said, "The issue generated an overwhelming response from investors in Asia, the Middle East and Europe resulting in oversubscription of the bond by nearly 8 times. It shows the exceptionally high profile of Qatar and Doha Bank in the global market space." For his part, R Seetharaman, CEO of Doha Bank Group, said "The Senior 5-year bond carries a coupon of 3.5% and was issued at a spread of 262.5 basis points over Mid Swaps, adding, this landmark deal is a follow up issue from Doha Bank's previous debut subordinated bond issue of USD 340 million in 2006. "We received over 250 orders from institutions globally which speaks volumes on the faith of global investors in the bank's strong performance in recent years, its strategy, franchise and leading market position along with the impressive economic growth in Qatar." he said. (QNA)