Qatar’s Ministry of Finance is introducing a dual-tranche USD bond offering, comprising a conventional bond with a three-year maturity and a sukuk with a 10-year term.
The three-year bond is projected to price at about 45 basis points above US Treasuries, while the sukuk is set to be 55 basis points over. This strategic issuance underscores Qatar’s ongoing efforts to leverage international capital markets.
Key financial institutions such as Deutsche Bank, Goldman Sachs International, QNB Capital and Standard Chartered Bank are serving as global coordinators for this offering. A broader syndicate including Santander, Citi, Emirates NBD Capital and others have joined as joint lead managers.
The bonds are benchmark-sized and align with the sovereign’s credit ratings of Aa2 by Moody’s, AA by S&P and AA by Fitch. They are marketed under the Rule 144A/Reg S format, primarily targeting institutional investors. The structure of the sukuk follows Ijara/Murabaha principles.
Settlement is expected on November 10, 2025, with the securities set to list on the London Stock Exchange, thus enhancing liquidity and visibility. The programme falls under Qatar’s established Global Medium Term Note Programme and Trust Certificate Issuance Programme, marking a strategic move in standardised borrowing practices.
Earlier in 2025, Qatar successfully raised $3 billion through a similar issuance, demonstrating its capability to tap into the global financial market with favourably priced offerings.
In May, Invest Qatar launched a $1 billion investment programme to attract foreign and domestic capital and accelerate Qatar economy’s diversification.
Then in July, the Qatar Central Bank (QCB), acting on behalf of the Ministry of Finance, issued government bonds and sukuk with tenors of 2.14 years, 4.14 years and 6.14 years.
