QNB Bank A.Ş., the Turkey-based subsidiary of Qatar National Bank, has moved to the bond market with initial price thoughts for a $500 million, five-year Regulation S note, guiding investors to yields in the 6.5% range. The deal size is fixed and is not expected to be upsized.
The senior unsecured offering is expected to carry a BB- rating from Fitch, aligning with the bank’s existing credit profile. QNB Bank A.Ş. is currently rated Ba2 with a stable outlook by Moody’s and BB- with a stable outlook by Fitch.
A broad syndicate has been assembled to steer the transaction, with Citi, Doha Bank, Emirates NBD Capital, HSBC, Mashreq, QNB Capital, Société Générale and Standard Chartered Bank acting as joint bookrunners.
The bond will be issued under the lender’s $5 billion Global Medium Term Note Programme, with plans for the notes to be listed on Euronext GEM. Investor books are set to open on January 22, with standard FCA and ICMA stabilisation rules in place.
Formerly known as Finansbank A.Ş., the institution became part of the QNB Group in 2016 after the Qatari banking giant acquired a 99.81% stake, marking a major expansion of QNB’s footprint in the Turkish financial market.
