Qatar’s Commercial Bank may raise up to $1bn in debt in 2019
Doha — Qatar’s Commercial Bank could raise up to $1bn in debt in 2019 by tapping a range of debt instruments, as the country’s third-largest lender by assets aims to further diversify its funding sources, says the bank’s CEO. Qatari banks, traditionally reliant on foreign funding, have sought to tap a larger variety of investors since June 2017, when Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain. Commercial Bank has about $750m in debt maturing in 2019, including bonds and loans. It planned to refinance that debt in the “normal course of business”, Joseph Abraham said on the sidelines of a financial conference in Doha. Abraham said that total debt issuance in 2019 could go up to $1bn. The lender hired ANZ and Bank of America Merrill Lynch in November to arrange a series of fixed-income investor meetings ahead of a kangaroo bond sale, debt securities issued by foreign entities in the Australian market denominated in Austral...
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