Qatar to issue first local currency bond – FT

DOHA, May 31 (BestGrowthStock) – Qatar plans to launch its first
local currency-denominated bonds in a bid to develop a domestic
bond market and move funding away from U.S. dollars, the
Financial Times cited the finance minister as saying on Monday.

Qatar will announce the sale of the Islamic and conventional
bonds to its domestic banks on Monday or Tuesday, Finance
Minister Yousef Kamal told the newspaper.

“Most of the local banks have a lot of excess cash – huge
cash – and they are looking for a good client,” Kamal said. “We
have already allocated each bank its portion.”

The bond sale is estimated at $1.1 billion, the Financial
Times said, citing bankers familiar with the matter.

Qatar, the world’s largest gas exporter, issued a $7 billion
bond in November, marking the largest sovereign debt issuance in
the region.

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(Reporting by Shaheen Pasha; Editing by Amran Abocar)

Qatar to issue first local currency bond – FT