Masraf Al Rayan completes successful issuance of USD 500 million Sukuk
DOHA: Masraf Al Rayan has announced the successful issuance of US$ 500 million Sukuk with a term of 5 years under the Bank’s existing US$ 2 billion Sukuk programme, a press release said.
Masraf Al Rayan’s debut issuance was 3 times oversubscribed as a result of strong investor demand. The issue was priced at a spread of 140 basis points over the 5-year mid swaps carrying fixed profit rate of 3.025% per annum.
The participation included investors from around the world with 44% from Asia, 44% from MENA and 12% from Europe. By type, 47% were fund managers, 38% were banks and private banks, and 15% were insurance and agencies. The success of this process was based on a comprehensive marketing strategy that aimed to showcase the strong fundamentals of Masraf Al Rayan and the strength of the Qatari economy to international investors.
Al Rayan Investment, Boubyan Bank, MUFG, QNB Capital and Standard Chartered Bank acted as Joint Lead Managers & Bookrunners on this transaction.