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The Qatar International Islamic Bank (QIIB) has finalized a USD 250 mn sustainable sukuk tap issuance, according to a statement published by issuance advisor Dentons last week. The certificates were issued by a special purpose vehicle issuer incorporated in the Cayman Islands QIIB Senior Oryx. QIIB listed the original USD 500 mn issuance on the London Stock Exchange (LSE) back in January under its USD 2 bn trust certificate issuance program.
Uh, Enterprise, what’s a tap issuance? A tap issue is a subsequent sale of additional bonds from an existing bond issue. These new bonds share the same maturity date, face value, and interest rate as the original bonds but are sold at the current market price rather than the original issue price.
The details: The five-year USD-denominated issuance, rated A by Fitch, was priced at 100 basis points (bps) above US Treasuries, with an annual yield of 5.138%. It was approved for trading on the LSE’s International Securities Market.
The OG issuance saw a lot of interest: The existing issuance was 8x oversubscribed to over USD 4 bn. The issuance garnered support from over 120 investors from across MENA, Asia, EU, and American markets, the bank notes, adding that 55% of investments were inbound from outside the MENA region.
