Qatar will be issuing $7 billion of bonds instead of the expected $5 billion
$3.5 billion in the 5year tranche @ T+185 bps (revised down further from this mornings revisions of +190)
$2.5 billion in the 10 year tranche @ T+195 bps (in line with this morning)
$1 billion in the 30 year tranche @ T+215 bps (in line with this morning)
Allocations out in the next 30-45 minutes
Participants in the grey market are scratching their heads wondering what's going on – very quiet
*** LAUNCHED *****
ISSUER : State of Qatar
RATINGS : Aa2 / AA- (Stable/Stable)
TOTAL SIZE : $7.0 Billion Total
SECURITY/FORMAT : Senior Fixed Rate, 144a/Reg S (No Reg Rights)
TRANCHE SIZE : $3.5 Billion $2.5 Billion $1.0 Billion
MATURITY : Jan 20, 2015 Jan 20, 2020 Jan 20, 2040
LAUNCH : T+185bp T+195bp T+215bp
BOOKRUNNERS : BARCLAYS/CS/GS/JPM/QNB (*BARC B&D*)
MINIMUM DENOMS : $100,000 by $1,000
MAKE-WHOLE CALL : T + [50]bp
SETTLE/1st Pay : November 24, 2009 (T+5) / January 20, 2010
4 comments:
Is the investible minimum 100,000 and anything above that must be in 1,000 dollar increments?
Trying to understand the minimum denoms here.
Thanks
Yes, Obeid. The minimum is $100,000 and then in increments of $1000. So you could place an order for $100,000 or $207,000, as an example.
Thanks again for your comments - feel free to email my directly if you have any other questions. Saad
Thanks for the prompt response.
Quick question? How did the Q Sovereigns behave in the 2ndary market when rumors of an attempted coup came out a few months ago? Did yields shoot up 400-500 bp temporarily, or where there simply no Sovereign issues at the time?
Qatar has bonds that were issued earlier than those that came out last night. I dont remember the exact dates of the reported attempts of a coup, but I believe it was somewhere between the end of July and Mid August. If I look at the charts for the 5 year bond and the 10 year bond during that defined period, I see that there was definitely a dip.
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