Successful Issuance of US$ 500 Million Notes for Commercial Bank

Doha, April 05 (QNA) - Commercial Bank announced the successful pricing of an issuance of US$ 500 million five-year senior unsecured notes under the US$ 5 billion European Medium Term Note ("EMTN") Programme that it established in 2011. The issue was arranged and offered through a syndicate of Joint Lead Managers comprising BNP Paribas, Commercial bank Capital, HSBC and Morgan Stanley and attracted substantial global interest with orders in excess of US$ 3.3 billion. The Notes were issued at a spread of 235 basis points over mid-swaps and will carry a coupon of 3.375% per annum. The net proceeds of the issue will be used for general funding purposes to support the Bank’s growth plans. Andrew Stevens, Commercial bank's Group Chief Executive Officer, said, "We are delighted by the overwhelming response from global fixed income investors to our issuance under the EMTN Programme; the offer was considerably oversubscribed with over US$ 3.3 billion placed in orders. The combination of strong market demand and attractive pricing levels are a clear indication of the continuing confidence of the fixed income community in the strength and economic stability of Qatar and in Commercial bank’s strategy, financial strength and management." Commercial bank’s EMTN programme is listed on the London Stock Exchange and is rated A1 from Moody s and A- from Standard and Poor s. Commercial Bank was established in 1975 and was Qatar's first private bank. In 1197, the bank licensed broker on Qatar Exchange. (QNA)