QNB Capital acts as global coordinator on Qatar's USD 3 billion bond issuance

The State of Qatar successfully issued USD 3 billion in dual-tranche conventional bonds, with QNB Capital acting as the global coordinator for the international debt capital markets transaction. The issuance, priced on September 21, 2026, consisted of a USD 1 billion five-year bond and a USD 2 billion ten-year bond. The five-year tranche was priced at 55 basis points over US Treasuries with a 5.25% coupon and a yield to maturity of 5.38%.

Investor demand for this tranche exceeded USD 2 billion, representing more than double the amount issued. The ten-year tranche, priced at 65 basis points over US Treasuries, offered a 5.375% coupon and a yield to maturity of 5.613%. Demand for this tranche surpassed USD 4 billion, again representing more than double the issued amount.

These spreads represented attractive returns over comparable US government bonds. The strong demand for both tranches enabled Qatar to price each tranche at only a 5 basis point new issue premium above fair value, marking one of the lowest premiums among similar regional transactions in 2026. The transaction attracted a diverse investor base from Asia, Europe, the Middle East, and the United States.

QNB Group's CEO, Abdulla Mubarak Al Khalifa, praised the strong investor demand and competitive pricing, emphasizing QNB Capital's role in supporting Qatar's economy and its global investor relationships. QNB Capital's involvement in this transaction underscores the firm's expertise in debt capital markets and its position as a leading investment banking adviser in Qatar and the wider region.