Qatar, through its Ministry of Finance, has opened initial price guidance for a dual-tranche U.S. dollar offering that includes a 3-year senior unsecured conventional bond and a 10-year senior unsecured sukuk.
The 3-year bond is being marketed at about 45 basis points over U.S. Treasuries, while the 10-year sukuk is guided at around 55 basis points over Treasuries.
Deutsche Bank, Goldman Sachs International, QNB Capital, and Standard Chartered Bank are serving as global coordinators, with a wide syndicate of joint lead managers that includes Santander, Citi, Emirates NBD Capital, ICBC, IMI-Intesa Sanpaolo, SMBC, Dubai Islamic Bank, ICDPS, KFH Capital, and others.
Both tranches are benchmark-sized and are expected to receive ratings of Aa2 from Moody’s, AA from S&P, and AA from Fitch—consistent with Qatar’s sovereign credit ratings. The issuance is being carried out under Rule 144A/Reg S format.
The sukuk will be structured under Ijara/Murabaha principles, and both instruments are set to settle on 10 November 2025, maturing on 10 November 2028 for the bond and 12 November 2035 for the sukuk. The securities will be listed on the London Stock Exchange’s Main Market.
The issuance falls under Qatar’s Global Medium Term Note Programme and Trust Certificate Issuance Programme, with books opening on Monday. Earlier in February, Qatar raised $3 billion through a dual-tranche issuance at competitive pricing.
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