February 6, 2018 / 7:31 AM / 5 months ago

Qatar National Bank raising about $1.3 billion with private bond

DUBAI, Feb 6 (Reuters) - Qatar National Bank, the Gulf’s largest bank, is raising about $1.3 billion through a privately placed bond, in addition to another recently priced private note of $1 billion, according to Thomson Reuters data.

Both the bonds, due in February 2020, pay 135 basis points over the three-month London Interbank Offered Rate.

Sources told Reuters this week that Bank of America Merrill Lynch arranged the $1 billion debt sale.

QNB, which did not immediately respond to a request for comment, has recently used various types of debt instruments, including Kangaroo and Formosa bonds, to refill its coffers in an effort to diversify funding resources amid the embargo imposed on Qatar by other Arab states. (Reporting by Davide Barbuscia; Editing by Andrew Torchia)

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