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MarketScreener Homepage  >  Equities  >  Qatar Exchange  >  Al Khalij Commercial Bank (al khaliji) P.Q.S.C.    KCBK   QA000A0M6MD5

AL KHALIJ COMMERCIAL BANK (AL KHALIJI) P.Q.S.C.

(KCBK)
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Qatari banks raise over $1 billion in privately placed bonds – sources

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10/11/2018 | 06:57am EDT
Qatar National Bank in Doha, Qatar

DUBAI (Reuters) - Qatar National Bank, the largest bank by assets in the Middle East and Africa, and Qatar Islamic Bank, the Gulf state's largest sharia-compliant lender by assets, have raised a combined $1.3 billion in privately placed bonds, sources familiar with the matter said.

Private placements allow debt issuers to diversify their funding base by tapping different sources of cash than that provided by traditional bond investors. Private placements can also be executed quickly as they require less paperwork than public debt issues.

QNB raised $1 billion at the end of September with Standard Chartered arranging the issues, the sources said. One of the sources said the fundraising was split into 10 separate issues of $100 million each.

Qatar Islamic Bank raised $300 million earlier this month, also with Standard Chartered as the arranger, the sources said.

One of the sources said some of the investors in the private placements were based in Asia, with Malaysia and Indonesia accounting for a significant chunk of the investors in QIB's issues.

Qatar National Bank and Standard Chartered declined to comment. Qatar Islamic Bank did not immediately respond to a request for comment.

Qatari banks have for the most part weathered a crisis that erupted on June 5 last year when Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties with Qatar and imposed economic sanctions on the country.

Al Khalij Commercial Bank raised $500 million through a public bond earlier this month, demonstrating Qatari banks' ability to tap the international debt markets despite the Gulf rift.

QNB's chief executive Ali Ahmed al-Kuwari told Reuters this week that the bank's U.S. dollar liquidity was “excellent” and that it had no immediate funding need.

The bank, which is 50-percent owned by sovereign wealth fund Qatar Investment Authority, on Wednesday reported a 3.5 percent rise in third-quarter net profit.

Qatar Islamic Bank, considered one of the banks potentially most vulnerable to impact of the sanctions at the start of the crisis, has reported a rise in net profit in the second quarter of this year. It is expected to announce its third-quarter results next week.

(Editing by Jane Merriman)

By Davide Barbuscia and Tom Arnold


Stocks mentioned in the article
ChangeLast1st jan.
AL KHALIJ COMMERCIAL BANK (AL KHALIJI) P.Q.S.C. -0.31% 1.586 End-of-day quote.21.07%
BASE CO., LTD. -1.20% 7400 End-of-day quote.173.74%
BASE,INC. -3.15% 14160 End-of-day quote.706.84%
DOW JONES AFRICA TITANS 50 INDEX 0.39% 487.21 Delayed Quote.-9.52%
EURO / US DOLLAR (EUR/USD) 0.50% 1.18262 Delayed Quote.4.49%
QATAR ISLAMIC BANK (Q.P.S.C.) 0.18% 16.58 End-of-day quote.8.15%
QATAR NATIONAL BANK (Q.P.S.C.) -0.23% 17.71 End-of-day quote.-13.99%
RISE, INC. 0.00% 27 End-of-day quote.-10.00%
S&P AFRICA 40 INDEX 0.25% 161.42 Delayed Quote.-6.71%
STANDARD CHARTERED PLC 0.53% 380.6 Delayed Quote.-46.86%
THE COMMERCIAL BANK (P.S.Q.C.) 0.52% 4.24 End-of-day quote.-9.79%
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Financials
Sales 2020 1 298 M 356 M 356 M
Net income 2020 579 M 159 M 159 M
Net Debt 2020 - - -
P/E ratio 2020 10,7x
Yield 2020 3,31%
Capitalization 5 710 M 1 568 M 1 569 M
Capi. / Sales 2020 4,40x
Capi. / Sales 2021 4,19x
Nbr of Employees 241
Free-Float 40,6%
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Technical analysis trends AL KHALIJ COMMERCIAL BANK (AL KHALIJI) P.Q.S.C.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 1,65 QAR
Last Close Price 1,59 QAR
Spread / Highest target 10,3%
Spread / Average Target 4,16%
Spread / Lowest Target -2,02%
EPS Revisions
Managers
NameTitle
Fahad Abdullah Al-Khalifa Group Chief Executive Officer
Hamad bin Faisal bin Thani Al-Thani Chairman & Managing Director
Farhan Sultan Hafesjee Group Chief Operating Officer
Shabbir Barkat Ali Group Chief Financial Officer
Abdulla bin Nasser Al-Misnad Vice Chairman