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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

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Qatar's Masraf Al Rayan hires banks for debut dollar sukuk - sources

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03/24/2019 | 08:47am EDT

DUBAI (Reuters) - Qatari Islamic lender Masraf Al Rayan has hired banks ahead of a potential sale of U.S. dollar-denominated sukuk, or Islamic bonds, sources familiar with the matter said.

The planned deal - which would be Masraf's first public debt sale - would follow last week’s international bond issues by Qatar Islamic Bank and Qatar National Bank, as the Gulf state’s banks take advantage of improved market conditions to boost their finances.

The planned five-year sukuk will be of benchmark size, which generally means upwards of $500 million (£378.39 million), the sources added.

Masraf has hired a group of banks including Barclays and Standard Chartered to arrange the deal, said the sources.

Masraf did not respond to a request for comment.

Barclays and Standard Chartered did not immediately respond to requests for comment.

Masraf's shareholders last month approved an increase of the bank's issuance programme limit to $2 billion from $1 billion “in order to meet the bank's general funding requirements,” the bank said in a statement on Feb. 26.

Depending on market conditions, Masraf could sell the sukuk soon, potentially already this week, the sources said.

Qatar Islamic Bank, the country’s largest Islamic lender, and Qatar National Bank, the largest bank in the Middle East and Africa, raised a combined $1.75 billion in bonds last week.

The debt issues followed a $12 billion jumbo bond sale by the Qatari government earlier this month – the largest emerging market sovereign debt sale this year – which provided a fresh pricing benchmark for Qatari borrowers.

(Reporting by Davide Barbuscia, additional reporting by Eric Knecht in Doha. Editing by Jane Merriman)

By Davide Barbuscia


Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -3.49% 103.8 Delayed Quote.-40.66%
DOW JONES AFRICA TITANS 50 INDEX -3.09% 464.98 Delayed Quote.-10.35%
EURO / US DOLLAR (EUR/USD) -0.46% 1.17519 Delayed Quote.5.08%
JUST GROUP PLC -3.42% 42.46 Delayed Quote.-45.22%
MASRAF AL RAYAN (Q.P.S.C.) 1.09% 4.377 End-of-day quote.10.53%
QATAR ISLAMIC BANK (Q.P.S.C.) -0.06% 16.29 End-of-day quote.6.26%
QATAR NATIONAL BANK (Q.P.S.C.) -0.39% 17.88 End-of-day quote.-13.16%
S&P AFRICA 40 INDEX -3.52% 153.03 Delayed Quote.-8.23%
STANDARD CHARTERED PLC -4.21% 373.7 Delayed Quote.-46.00%
WILL GROUP, INC. -3.35% 809 End-of-day quote.-35.38%
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Sales 2020 21 526 M 27 955 M 27 955 M
Net income 2020 1 072 M 1 392 M 1 392 M
Net Debt 2020 - - -
P/E ratio 2020 16,2x
Yield 2020 1,25%
Capitalization 18 009 M 23 380 M 23 388 M
Capi. / Sales 2020 0,84x
Capi. / Sales 2021 0,87x
Nbr of Employees 80 800
Free-Float 99,6%
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Average target price 145,09 GBX
Last Close Price 103,80 GBX
Spread / Highest target 126%
Spread / Average Target 39,8%
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